The Federal Government, under President Bola Tinubu, has rolled out ₦330 billion in cash transfers to help millions of vulnerable Nigerians cope with the rising cost of living. The initiative, managed by the National Social Safety-Net Coordinating Office (NASSCO), aims to cushion the effects of recent economic reforms, such as fuel subsidy removal and the floating of the naira.
According to Finance Minister Wale Edun, the program is backed by an $800 million World Bank facility and targets 15 million households, representing over 70 million Nigerians. So far, 8.5 million households have received at least one payment of ₦25,000, with some receiving up to three installments. The remaining households are expected to get their payments before the year ends.
To ensure transparency, all beneficiaries are verified using their National Identity Numbers (NIN), and payments are made directly into bank accounts or mobile wallets, eliminating the need for intermediaries. The staggered nature of the disbursement was attributed to the government’s insistence on linking payments to NINs, according to Funmi Olotu, NASSCO’s National Coordinator.
This program is part of Tinubu’s broader strategy to establish a sustainable social safety net and provide long-term assistance to Nigeria’s poorest citizens. The government has promised to include funding for such initiatives in future budgets to maintain continuity.
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