The Federal Government has disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO).
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this on Wednesday in Abuja during a meeting of the Special Presidential Panel on the Social Investment Programme.
“We are pleased to report that the social protection programme put in place as a safety net to help people cope with the rising price level is now firmly back on track,” Edun said.
He explained that about 19.7 million poor and vulnerable households, representing more than 70 million individuals, are captured in the National Social Register.
From this number, 15 million households were targeted for cash transfers under the initiative, which is being funded from an 800 million dollar World Bank facility.
“So far, 8.5 million households have received at least one tranche of N25,000, while some have received two or three payments. The remaining seven million households will be paid before the end of the year,” the minister stated.
According to Edun, the programme is built on a robust and sustainable system, with beneficiaries verified through their National Identity Numbers (NIN) and payments made digitally via bank accounts or mobile wallets.
The initiative, he added, is part of the Federal Government’s broader efforts to cushion the effects of rising living costs while ensuring transparency and accountability in the delivery of social protection programmes.
