ABUJA – The Federal Government has disbursed N330 billion to poor and vulnerable Nigerians under its cash transfer programme, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced.

Speaking at a press briefing in Abuja on Tuesday, Edun revealed that the payments were facilitated through the National Social Safety-net Coordinating Office (NASSCO) and funded from an $800 million World Bank facility.

According to him, the initiative targets 15 million households out of the 19.7 million households and over 70 million individuals currently listed on the National Social Register.

“This is part of the plan by Mr. President to get the social protection programme he had in mind to help the poorest and most vulnerable cope with the difficulties caused by rising prices, following the necessary reforms including subsidy removal and exchange rate adjustments,” Edun said.

He disclosed that 8.5 million households have so far received at least one tranche of N25,000 each, with some households receiving two or three tranches. The minister assured that the remaining 7 million households would be paid before the end of the year.

Edun emphasized that the payment system is both biometrically verified through the National Identity Number (NIN) and carried out digitally via bank accounts or mobile wallets, ensuring transparency and sustainability.

“What Nigeria now has is a robust system of reaching targeted people on a long-term basis. This forms the foundation of a modern social protection system, which was part of the President’s promise,” he added.

The minister further stated that future federal budgets would make provisions for direct social protection interventions to guarantee sustainability.

“We expect that every year, there will be allocations for such assistance, ensuring that Nigerians can be reached directly whenever necessary,” he noted.

Providing clarification, the National Coordinator of NASSCO, Funmi Olotu, explained that the staggered payments resulted from the President’s directive linking all disbursements to NIN for transparency.

“We do direct-debit transfers. Mr. President said no more traditional cash handouts. Payments must go directly into beneficiaries’ bank accounts or wallets, hence the phased tranches,” Olotu said.