Cash Transfer: Alerts Rains as CBN Begins Payment of N25,000 to Nigerians
In a groundbreaking move aimed at alleviating poverty and aiding citizens through tough economic times, the Federal Government of Nigeria is embarking on a significant expansion of the Conditional Cash Transfer scheme. This initiative, part of the National Social Investment Programme, will see the disbursement of N25,000 to 15 million households for a duration of three months, serving as a social safety net intervention.
The expansion of the National Social Register is a pivotal step, allowing for the inclusion of pensioners, ex-servicemen, and other vulnerable individuals who were previously not accounted for.
At the same time, beneficiaries who have surpassed the poverty threshold are being removed from the register to ensure that the aid reaches those who need it most. To guarantee the efficiency and transparency of the disbursement, the government is directly facilitating the payment process, which is set to begin in the upcoming week, benefiting an initial batch of five million households. Advertisements This direct approach bypasses the need for intermediaries, thus ensuring that the funds reach the intended recipients promptly.
The ultimate goal of the Conditional Cash Transfer scheme is to transform the lives of millions of Nigerians living in extreme poverty, enhance their living standards, and stimulate economic growth.
This mission is further aligned with the President’s Renewed Hope Agenda, prioritizing poverty eradication, food security, economic growth, and job creation. The government’s commitment to eradicating poverty doesn’t stop at cash transfers. It encompasses a multifaceted approach, including investments in transportation, agriculture, and support for small and medium enterprises.
The initiative includes the purchase of Compressed Natural Gas-powered buses to provide more affordable transportation, agricultural investments to enhance food security, the distribution of grains and fertilizers to support farmers, and financial support for small businesses and market traders.
The Conditional Cash Transfer scheme has received praise for its ability to offer financial support to households, enabling them to start micro and small businesses, access basic healthcare, and keep children in school. The government’s focus is not just on immediate financial relief but on empowering individuals and communities to rise above poverty and build a better future.
The government has undertaken rigorous verification processes, including the use of National Identification Numbers (NIN) and Bank Verification Numbers (BVN), to ensure that funds are channeled to the right beneficiaries. It is worth noting that not only deceased recipients but also those who no longer meet the poverty criteria have been removed from the beneficiary list. The government remains committed to transparency and accountability throughout this initiative.
As Nigeria takes this significant step toward poverty eradication, the President’s administration has urged all stakeholders, including the private sector, development partners, and other nations, to support this noble cause.
President Bola Ahmed Tinubu’s determination to uplift vulnerable Nigerians and provide them with hope is an embodiment of the Sustainable Development Goals (SDG) target. The vision is to pull vulnerable Nigerians out of poverty entirely by 2030.
This cash transfer program is just one component of a comprehensive strategy to address various dimensions of poverty across the country, including low-cost housing for the poor and internally displaced persons, rural vocational skills development, and support for micro-enterprises. With these initiatives, the government is dedicated to bringing hope and opportunity to millions of Nigerians who have long struggled with poverty.
