The Federal Government has announced a major overhaul of its cash transfer program with direct transfers of N75,000 to 15 million households in 3 months.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the initiative during an interview on Channels Television.
Wale Edun noted that the target is to tackle fraud and uphold the federal government’s commitment to assisting the vulnerable populations amidst soaring food prices
Under the revamped program, direct payments of N75,000 will be disbursed to 15 million households over a three-month period, equating to N25,000 per month for each household, benefiting approximately 75 million individuals.
Enhanced verification procedures, including the use of National Identification Numbers (NINs), Bank Verification Numbers (BVNs), or access to mobile money accounts, will be implemented to ensure the integrity of the process and reach the intended beneficiaries.
This move comes in the wake of suspensions and investigations into alleged misappropriations within the program.
Betta Edu, the former Minister of Humanitarian Affairs, was suspended due to the misappropriation of N585 million earmarked for palliative distribution, while her predecessor, Sadiya Umar-Farouq, is currently under investigation by the Economic and Financial Crimes Commission (EFCC) for alleged laundering of N37.1 billion during her tenure.
REPORT AFRIQUE had earlier January reported the dismissal of the former Minister.
Federal Government Introduces Direct Cash Transfers To 15 Million Households To Combat Fraud And Support Vulnerable Groups 7
In addition to the direct cash transfers, the government is also focusing on providing affordable food options for the populace. The Finance Minister emphasized plans to release an additional 60,000 metric tons of grains to increase food availability in the market.
Furthermore, a non-refundable grant of N50 billion will be distributed to artisans, traders, and nano businesses across all 774 government areas in the country, aiming to support small businesses and stimulate economic growth.
The government’s commitment to addressing the needs of the poor and vulnerable during times of economic hardship remains paramount, with efforts aimed at ensuring access to essential resources and support for those most in need.
