The Federal Government of Nigeria has distributed N24.78 billion to support 991,261 low-income households as part of the National Cash Transfer Programme. This initiative, which aims to alleviate poverty, is a crucial component of the country’s broader social investment strategies.
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FG’s N24bn Cash Transfer
The cash transfer programme, managed by the National Social Investment Programme Agency (NSIPA), provides direct financial aid to vulnerable households across Nigeria. Beneficiaries are located in all 36 states and the Federal Capital Territory (FCT). The goal is to address poverty and promote economic stability among the nation’s poorest citizens.
Disbursement Details
In 2024, two major disbursements were made under the programme:
- August 2024: N3.83 billion was distributed to 153,038 households.
- September 2024: N20.96 billion was allocated to 838,223 households.
Each household received a payment of N25,000, which was transferred through designated Financial Service Providers (FSPs). These funds are meant to help families manage their economic challenges and improve their overall well-being.
Month |
Amount Disbursed (Naira) |
Number of Households |
|---|---|---|
August 2024 |
3.83 billion |
153,038 |
September 2024 |
20.96 billion |
838,223 |
Total |
24.78 billion |
991,261 |
Objectives of the Renewed Hope Conditional Cash Transfer Programme
The primary goals of this initiative are to:
- Alleviate Economic Shocks: Provide financial relief to poor and vulnerable households, helping them cope with the challenges of poverty.
- Improve Household Finances: Enable households to manage their finances more effectively and encourage savings.
- Enhance Health and Nutrition: Support improved access to healthcare and better nutrition for families in need.
- Promote Family Well-Being: Strengthen household relationships and foster overall happiness through financial security.
Ongoing Commitment to Social Interventions
NSIPA’s National Coordinator and CEO, Badamasi Lawal, reiterated the agency’s dedication to supporting Nigeria’s most vulnerable citizens through various social intervention programmes. These initiatives aim to provide long-term solutions to poverty and improve the livelihoods of those in need.
Second Tranche of Payments
The government has completed the second tranche of payments under its cash-based Social Investment Programme, reaching approximately one million verified beneficiaries. This marks a critical step in expanding the programme’s reach and ensuring more Nigerians benefit from the government’s poverty alleviation efforts.
Key Updates on the Programme
Several updates reflect the government’s ongoing efforts to improve and expand its social welfare programmes:
- Minister of Finance and Coordinating Minister of the Economy, Wale Edun, met with a Presidential Panel to review progress on policies supporting President Bola Tinubu’s Renewed Hope Agenda.
- The government’s Direct Benefit Transfer Programme has ensured that payments are delivered to nearly one million beneficiaries.
- Strategic Partnerships: The National Social Safety-Net Coordinating Office has been advised to collaborate with the National Identity Management Company (NIMC) for National Identification Number (NIN) enrollment, ensuring better tracking and verification of beneficiaries.
- Communication Strategy: A new communication plan is being developed to improve programme awareness and outreach across Nigeria, ensuring that more eligible households are informed and enrolled.
- Reforms to the School Feeding Programme: Efforts are being made to reform this programme to ensure greater effectiveness and wider reach, benefiting more schoolchildren in need.
Emphasis on Reaching the Most Vulnerable
Minister Wale Edun emphasized accurately identifying and reaching Nigeria’s most vulnerable citizens. He highlighted the need for prompt, secure, and digital methods of distributing benefits to ensure transparency and efficiency in delivering these crucial programmes.
The government remains committed to:
- Efficient Benefit Distribution: Using technology to deliver funds quickly and securely.
- Transparency: Maintaining accountability in all aspects of social investment programme delivery.
Conclusion
The Federal Government’s National Cash Transfer Programme and other social investment initiatives clearly indicate its strong commitment to poverty alleviation. Through strategic partnerships, reforms, and the use of technology, these programmes are designed to reach and support Nigeria’s most vulnerable households. With a continued focus on improving efficiency and expanding outreach, the government aims to create lasting positive impacts on the lives of millions of Nigerians.
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