The Federal Government of Nigeria has disbursed a total of ₦330 billion in cash to poor and vulnerable Nigerians as part of its renewed Social Investment Programme, aimed at cushioning the impact of rising living costs and ongoing economic reforms.
The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting of the Special Presidential Panel on the Social Investment Programme held on Wednesday in Abuja.
In a statement posted by Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, Edun said the programme is “firmly back on track” after undergoing restructuring earlier in the year.
“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 stated.
According to Edun, 19.7 million poor and vulnerable households, representing more than 70 million individuals, have been verified and enrolled in the National Social Register (NSR), which serves as the backbone of the cash transfer initiative.
He explained that funding for the programme comes from the $800 million World Bank loan, and that 15 million households are targeted for direct cash support.
“So far, 8.5 million households have received at least one tranche of ₦25,000, while some have received two or three payments. The remaining 7 million households will be paid before the end of the year,” he added.
The Minister emphasized the importance of transparency and accountability, revealing that all beneficiaries were authenticated using their National Identification Numbers (NINs). Cash transfers were made digitally through bank accounts or mobile wallets, minimizing leakages and promoting traceability.
The statement also acknowledged past issues that led to the temporary suspension and overhaul of the Social Investment Programme earlier this year. The latest efforts, Edun said, reflect the Tinubu administration’s commitment to restoring public trust and ensuring that every qualified household benefits from the initiative before the year ends.
