The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the Federal Government has so far disbursed ₦330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO).
Edun explained that the initiative is designed to cushion the effects of subsidy removal and exchange rate reforms, with over 19.7 million households captured in the National Social Register—translating to more than 70 million Nigerians.
According to him, payments have reached 15 million households, with 8.5 million already receiving at least one tranche of ₦25,000, while others have received two or three tranches. The remaining seven million households are expected to be paid before the end of the year.
Funded through an $800 million World Bank facility, the scheme relies on National Identification Numbers (NIN) to verify beneficiaries, with all payments made digitally via bank accounts or mobile wallets to prevent fraud.
The minister stressed that the programme will now form part of the annual federal budget to ensure sustainability, describing it as the foundation of “a modern social protection system that provides targeted assistance to the poorest and most vulnerable Nigerians.”
Observers note that the initiative underscores President Bola Ahmed Tinubu’s push to deliver safety nets to the country’s most vulnerable as part of his broader economic reform agenda.