The Nigerian Federal Government has announced the disbursement of N330 billion in cash transfers to 8.1 million households across the country as part of its National Social Safety Net Programme. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who stated that the program is back on track after initial delays.
The initiative, also known as the “Renewed Hope Conditional Cash Transfer,” is a key part of the current administration’s strategy to alleviate the economic hardship brought on by recent reforms, such as the removal of fuel subsidies. The program is designed to provide a safety net for the poorest and most vulnerable Nigerians.
Key details of the program and the recent announcement include:
- Beneficiaries: The program targets households captured in the National Social Register, which contains data on over 19.7 million households. Out of this, 8.1 million households have received at least one payment.
- Payment Structure: Each eligible household is receiving a stipend of N25,000. Some beneficiaries have received multiple payments, depending on the verification process. The program aims to complete all outstanding payments before the end of 2025.
- Transparency and Verification: A major component of the program’s recent implementation is the integration of biometric data, specifically the National Identification Number (NIN) and Bank Verification Number (BVN). This measure, while causing some initial delays, is intended to ensure transparency and accountability, preventing fraudulent claims and ensuring that funds reach the intended recipients directly through their bank accounts.
- Funding: The cash transfer program is partially supported by an $800 million loan from the World Bank.
- Regional Breakdown: Data released by the Presidential Panel on National Social Investment Programmes shows that the North-West region has received the largest share of the disbursements, with over three million households benefiting.
- Future Outlook: The government’s goal is to lay the groundwork for a permanent, modern social protection system in Nigeria. Officials have stated that the National Social Register will serve as the central database for all future government interventions.
The cash transfer program represents a significant shift in the government’s approach to social welfare, moving towards a more structured and data-driven system to address poverty and economic vulnerability.
