Wale Edun
PicNews
The Federal Government of Nigeria has disbursed over N330 billion to vulnerable households as part of its Social Protection Programme. This initiative, funded by an $800 million World Bank facility, aims to cushion the effects of economic reforms on low-income citizens. Approximately 8.5 million households have received at least one tranche of N25,000, with some receiving two or three payments. The government plans to cover 15 million households, with the remaining 7 million households expected to receive payments before the end of the year.
Beneficiaries receive N25,000 monthly for three months, with payments made digitally through bank accounts or mobile wallets. This shift to digital payments ensures transparency and eliminates political interference. The National Social Register, developed in collaboration with the World Bank, captures 19.7 million poor and vulnerable households, representing over 70 million individuals. The register uses over 40 socioeconomic variables to identify the most vulnerable citizens.
The Federal Government has promised to make this initiative part of the annual national budget to ensure its sustainability. Minister of Finance, Wale Edun, stated that this programme is now “firmly back on track” after overcoming initial delays due to NIN enrolment issues. The programme aims to provide targeted assistance to the poorest and most vulnerable citizens, helping them cope with rising prices and economic challenges.
By doing so, the government hopes to build a modern social protection system that can provide long-term support to those in need. The programme’s success is expected to have a positive impact on the lives of millions of Nigerians, providing them with a safety net during difficult times. The government’s commitment to sustaining this initiative demonstrates its dedication to improving the welfare of its citizens.
The disbursement of funds has brought relief to many households, enabling them to meet their basic needs and improve their living standards. As the programme continues to roll out, it is expected to have a significant impact on poverty reduction and economic growth in Nigeria. The government’s efforts to ensure transparency and accountability in the disbursement process have also helped to build trust among beneficiaries.
Overall, the Social Protection Programme is a vital initiative that has the potential to make a significant difference in the lives of millions of Nigerians. With the government’s commitment to sustaining it, the programme is likely to have a lasting impact on the country’s social and economic landscape.
