In order to combat the effects of inflation, the federal government has resumed providing 75 million Nigerians with conditional direct cash transfers of N75,000, according to Minister of Finance Wale Edun.
During a ministerial sectoral briefing on Tuesday to commemorate the President Bola Tinubu administration’s first year in office in Abuja, Edun made this revelation.
He mentioned that 15 million homes across the country are the recipients of the social investment programme.
The cash transfer will raise Nigerians’ level of living in the near future, according to Edun, the head of the Presidential Panel of Social Investment programme.
He claims that the government has created a system to guarantee that beneficiaries receive payments via digital channels.
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Edun declared that in order to expedite the implementation of the programme, the government has enlisted mobile network carriers.
According to him, in order to receive the cash transfer payments, beneficiaries must have a mobile wallet, account number, or National Identity Number.
“As the head of the Presidential Panel of Social Investment initiative, I oversee the crucial direct payment to the underprivileged.
Which is the best and most accurate weapon we have to combat rising living standards. The application has been relaunched.
75 million Nigerians are involved, and 15 homes will need to pay N75,000 right now.
The Ministers of Communications and Digital Economy, Health, and Youths have devised a system with a global best standard for giving direct payment to ensure public trust.
“Everyone must, first, have a National Identity Number; second, payments must be made electronically. BVN refers to both bank account balances and mobile wallets.
“Mobile network operators have been enlisted to guarantee a quicker programme deployment. That is one of the main ways that the underprivileged and defenceless would be assisted initially, he stated.
Due to suspected theft, Tinubu stopped all of the programmes run by the Humanitarian Ministry and the National Social Investment Programme Agency on January 12.
