…Recruits Mobile Network operators to fasten roll-out of the scheme
Minister of Finance, Wale Edun, has disclosed that the Federal Government has restarted the provision of conditional N75,000 direct cash transfers to 75 million Nigerians towards tackling the impact of inflation.
Edun disclosed this on Tuesday, during 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.
The Minister announced that the Government has recruited Mobile Network operators to fasten the roll-out of the scheme.
Edun stated beneficiaries must have a National Identity Number, (NIN) account number or mobile wallets to receive the cash transfer payments.
He said, “As the Chairman of the Presidential Panel of Social Investment programme, 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 programme 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 been 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, (NIN); secondly, the payment must be through digital routes. Whether Bank Verification Number (BVN), that is bank accounts, or mobile wallets.
“Mobile Network operators have been recruited to ensure we have a faster rollout of the programme. That is one of the key ways initially that the poor and vulnerable will be helped”, he stated.
