The Federal Government has released ₦330 billion in direct cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO), in a renewed effort to cushion the economic impact of rising living costs.
The disclosure 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 in Abuja on Wednesday.
According to a statement issued on Thursday by Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, the minister confirmed that the initiative is back on track after earlier setbacks.
“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 over 70 million individuals, have been registered in the National Social Register. Out of this figure, cash transfers have already reached 15 million households.
“So far, 8.5 million households have received at least one tranche of ₦25,000, while some have benefited from two or three payments. The remaining seven million households will be paid before the end of the year,” the minister added.
Edun noted that the programme is being funded through the $800 million World Bank facility and stressed that it operates under a transparent and sustainable framework. Beneficiaries were verified using their National Identity Numbers (NIN), while payments are made digitally through bank accounts and mobile wallets to guarantee accountability.
He further assured that President Tinubu’s administration is committed to ensuring that vulnerable Nigerians are supported as part of its strategy to mitigate the effects of ongoing economic reforms.
The government emphasized that this renewed effort is designed to restore confidence in the Social Investment Programme, which had previously faced suspension and restructuring earlier in the year. Edun added that the administration’s priority is to ensure every eligible household in the National Social Register benefits fully before year-end.
What you should know
The Federal Government has disbursed ₦330 billion to vulnerable Nigerians through NASSCO, with 8.5 million households already receiving payments.
Funded by a $800 million World Bank loan, the initiative targets over 19 million households. Payments are verified with NIN and made digitally to ensure transparency and accountability under Tinubu’s reforms.
