- The beneficiaries of the social investment scheme are 15 million households nationwide
- Says cash transfer will improve the living standard of Nigerians in the immediate term
Minister of Finance, Wale Edun has said the federal government has restarted the provision of conditional direct N75,000 cash transfers to 75 million Nigerians to tackle the impact of inflation.
Edun disclosed this on Tuesday at a ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.
He noted that the beneficiaries of the social investment scheme are 15 million households nationwide.
Edun who is the chairman of the Presidential Panel of Social Investment programme explained that the cash transfer will improve the living standard of Nigerians in the immediate term.
According to him, the Government has developed a system to ensure that payments get directly to beneficiaries through digital routes.
Edun announced that the government has recruited Mobile Network operators to fasten the roll-out of the scheme.
He stated beneficiaries must have a National Identity Number, account number or mobile wallets to receive the cash transfer payments.
“As the Chairman of the Presidential Panel of Social Investment program, the all-important direct payment to the poor.
“Which is the veritable tool and sharpest tool we can have for attacking increased living standards. That program has been restarted.
“It involves 75 million Nigerians and 15 households with the payment of N75,000 in the immediate term.
“To ensure public trust is there we have a system that has developed between the Ministers of Communications and Digital Economy, Health, and Youths with a global best standard in providing direct payment.
“On the one hand, each person must have a National Identity Number, secondly, the payment must be through digital routes. Whether BVN, that is bank account Accounts or mobile wallets.
“Mobile Network operators have been recruited to ensure we have a faster rollout of the program. That is one of the key ways initially that the poor and vulnerable will be helped”, he said.
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