Edun: 25 million Nigerians get N25,000 conditional cash transfers

The social investment programme has expanded its reach to 25 million vulnerable Nigerians from five million households, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said yesterday.

The programme involves direct cash transfers to individuals on the social register, verified through biometric identification and paid through bank accounts or mobile wallets.

According to Edun, who spoke with reporters at the State House, Abuja after the 145th meeting of the National Economic Council, the first and second payments have already been made to beneficiaries.

“There are direct transfers to the people on the social register that has been put together by all levels of government and have been verified.

“People are paid after they have been uniquely identified biometrically, and they are paid digitally through a bank account or mobile wallet.

“Those payments have been rolled out. They’ve now reached five million households, 25 million Nigerians, and first and second payments are being made.

“That process of having a robust social register, where you can reach people directly and help them with payments that allow them to choose what their priority is and go and then deal with that priority, is something that will be ongoing.

“A society always needs to help its poorest and its most vulnerable because relatively you’re always going to have people who need help,” Edun said.

To address food affordability, he said the government has introduced a programme allowing millers to import duty-free and levy-free brown rice to bridge the 2.5 million metric tons supply gap.

He said 600,000 farmers will receive subsidised fertilizer, herbicide, and improved seeds for wheat and rice cultivation.

Edun also highlighted other initiatives aimed at supporting citizens, including the Consumer Credit Scheme, which has benefited 11,000 individuals with N3.5 billion in the last five days.

The credit scheme enables workers to afford essential goods, such as CNG kits to convert cars to cheaper fuel.

Edun also said the Student Loan Scheme had reached over half a million students, with N90 billion in interest-free loans to institutions disbursed for fees and student upkeep.

The CNG initiative is also underway, providing cheaper fuel for mass transit and personal vehicles, he said.

He added that small-scale businesses are being supported with cheap loans at nine per cent interest, up to N1 billion, while micro-enterprises have received N50 billion in grants.

The minister stressed the government’s commitment to helping its poorest and most vulnerable citizens.

He said these initiatives demonstrate the administration’s efforts to mitigate the impact of economic challenges on Nigerians, providing a safety net for those in need and promoting economic growth.

The NEC also yesterday deliberated on the authentication of the National Social Register (NSR) devoid of politics.

At the post-meeting briefing, Oyo State Governor Seyi Makinde said: “What we’ve done with the social register is to say look, it will not be politicised because when you see us play politics, in the middle of the night we talk to ourselves.

“When it comes to governance, it is a serious business, because the lives of millions of Nigerians are involved. Getting the correct social register devoid of politics is what we have tried to do.”