Yemi Obafemi
The Federal Government has disbursed N330 billion to poor Nigerians as part of measures to cushion the hardship caused by the removal of fuel subsidy.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Wednesday while briefing journalists in Abuja.
He said the intervention is part of President Bola Tinubu’s social protection programme designed to provide a safety net for the poorest and most vulnerable households affected by rising prices following subsidy removal.
Edun said: “We are pleased to report that the social protection programme, the putting in place of a safety-net to help people, to cope with the rising price level is now firmly back on track.
“Of the 20 million households on the Social Register, covering about 75 million Nigerians, the programme was for 15 million households, covering 75 million Nigerians, 8.5 million households have now been paid at least one tranche of the funds that were promised to them- N25,000 Naira.
“They have two more payments to go. Some have received two, and some have received three. And following from that, because what has been put in place is a very robust system.
He explained that beneficiaries are identified biometrically through their National Identification Number (NIN), while payments are made digitally via bank accounts or mobile wallets, describing the process as “a robust and sustainable system.”
“People are identified biometrically by their NIN- National Identity Number. Secondly, they are paid digitally through their bank accounts or their mobile wallets. So it’s a very robust and sustainable system.”
“The expectation is that the other 7 million or so households will be paid by the end of the year.”
The N330 billion disbursement is part of the $800 million World Bank facility supporting the programme.
