Minister of Finance, Wale Edun
Federal Government of Nigeria has allocated N330 billion in cash transfers to support vulnerable citizens through the National Social Safety-Net Coordinating Office (NASSCO), according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Speaking at a Special Presidential Panel on Social Investment Programme in Abuja on Wednesday, Edun highlighted the initiative as a cornerstone of President Bola Tinubu’s strategy to mitigate the economic challenges faced by the nation’s poorest households amid rising inflation.
“The social protection programme, designed as a safety net to cushion the impact of rising prices, is now firmly on track,” Edun stated, emphasizing the program’s role in addressing hardships caused by essential economic reforms.
He revealed that approximately 19.7 million vulnerable households, encompassing over 70 million individuals, are registered in the National Social Register.
The disbursements, funded by an $800 million World Bank facility, have reached 15 million households, with 8.5 million receiving at least one N25,000 payment, and some benefiting from two or three tranches.
“The remaining seven million households will receive payments before the year ends,” Edun assured.
To ensure transparency and sustainability, the program utilizes a digital payment system linked to beneficiaries’ National Identity Numbers (NIN), with funds transferred directly to bank accounts or mobile wallets.
“We now have a robust framework for a modern social protection system that can deliver targeted aid to the most vulnerable over the long term,” Edun noted, adding that future funding will be integrated into the annual federal budget.
NASSCO’s National Coordinator, Funmi Olotu, explained that the staggered payment structure reflects President Tinubu’s commitment to transparency through NIN-linked disbursements.
“All transfers are now direct debits to bank accounts, moving away from traditional cash payments,” Olotu said, noting that some households have received one, two, or three payments already.
She further clarified that while the previous administration planned to distribute N5,000 monthly for six months, the current scheme provides N25,000 monthly for three months.
Olotu emphasized that the National Social Register, developed with the World Bank, relies on over 40 socioeconomic variables and remains free from political interference.
