The Federal Government of Nigeria has indeed disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO). According to Minister of Finance and Coordinating Minister of the Economy, Wale Edun, this initiative aims to help citizens cope with rising price levels due to economic reforms.
Key Highlights:
– Beneficiaries: 15 million households have been targeted, with 8.5 million households receiving at least one tranche of N25,000, while some have received two or three payments.
– Funding: The cash transfers are funded by an $800 million World Bank facility.
– Payment Method: Beneficiaries are verified through their National Identity Numbers (NIN), and payments are made digitally via bank accounts or mobile wallets.
– Sustainability: The government plans to incorporate this initiative into the annual national budget to ensure long-term sustainability.
