The Federal Government has disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the programme is part of President Bola Tinubu’s strategy to cushion the impact of subsidy removal and exchange rate reforms on low-income citizens.

According to Edun, about 19.7 million poor and vulnerable households, representing over 70 million individuals, are captured in the National Social Register. The cash transfers are being funded from an $800 million World Bank facility, targeting 15 million households nationwide.

“This is part of the plan by Mr. President to get the social protection programme that he had in mind to help the poorest and most-vulnerable through the difficulties caused by the increase in the price level,” Edun said.

Edun disclosed that 8.5 million households have received at least one tranche of N25,000, with some receiving two or three payments.

“They have two more payments to go. Some have received two, and some have received three. And following from that, because what has been put in place is a very robust system,” he added.

The Minister explained that the programme uses a robust system where people are identified biometrically by their National Identity Number and paid digitally through bank accounts or mobile wallets.

National Coordinator of NASSCO, Funmi Olotu, clarified that the staggered payments resulted from the government’s insistence on linking cash transfers to NIN verification.

“No more traditional cash payments. All transfers are direct debit to bank accounts. That is why some households have received one, two, or three tranches already,” she said.

Edun emphasized that the programme is designed to be sustainable, with the Federal Government planning to include it in the annual national budget.

“We expect that there will be the ability to budget each year for assistance for people to be paid directly to help them at any given point in time with an intervention,” he said. “So Nigeria now has the basis for a modern social protection system that was the promise of Mr. President.”