The Federal Government has disbursed ₦330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-net Coordinating Office (NASSCO).
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this yesterday in Abuja while briefing the press. He said the payments are part of President Bola Tinubu’s social protection strategy to cushion the hardship caused by fuel subsidy removal and the floating of the naira.
Edun explained that the transfers are funded from an $800 million World Bank facility. He revealed that 8.5 million households have so far received at least one tranche of the ₦25,000 monthly payment, with two more tranches expected for many beneficiaries.
According to him, Nigeria’s National Social Register currently contains about 19.7 million poor and vulnerable households, representing over 70 million individuals. Out of these, the programme targets 15 million households, covering around 75 million Nigerians.
Edun stressed that the government had designed a robust and transparent payment process. Beneficiaries are identified biometrically through their National Identification Number (NIN) and receive transfers digitally via bank accounts or mobile wallets.
“The safety-net is now firmly back on track. Some beneficiaries have received two tranches, others three, and more payments will follow. This system ensures accountability and sustainability,” the minister stated.
