FG Begins Payment Of N75,000 Social Investment program To Nigerians

The Federal Government has restarted its social investment program, which will provide direct payments to 75 million Nigerians in 50 million households.

This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a briefing to mark the first year of President Bola Tinubu’s administration in Abuja.

Edun explained that the government is restarting the program with conditional cash transfers of N75,000 to 75 million Nigerians to help mitigate the effects of inflation.

He noted that the program will benefit 15 million households across the country.

Edun, who is the chairman of the Presidential Panel on Social Investment, emphasized that these cash transfers are aimed at improving the immediate living standards of Nigerians.

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He also mentioned that the government has developed a system to ensure payments are made directly to beneficiaries through digital means.

The minister revealed that in order to facilitate the rollout of the scheme, Mobile Network operators have been recruited.

Edun said that beneficiaries must have a National Identity Number (NIN) and either a bank account or mobile wallet to receive the payments.

“As the Chairman of the Presidential Panel of Social Investment program, the all-important direct payment to the poor.

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“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.

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“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.

Earlier this year, on January 12, President Tinubu suspended all programs administered by the National Social Investment Programme Agency and the Humanitarian Ministry due to allegations of misappropriation.

This followed the suspension of the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, on January 8, also over allegations of fund mismanagement under the NSIPA.

KanyiDaily recalls that President Bola Tinubu recently promised that his administration will do everything possible to ensure Nigerian children have a strong foundation to achieve their dreams.

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