By Seyi Babalola
Wale Edun, Minister of Finance, has announced that the Nigerian Government has resumed the disbursement of conditional direct N75,000 cash transfers to 75 million Nigerians to combat the impact of inflation.
Edun made the announcement on Tuesday during a ministerial sectoral briefing in Abuja to commemorate the one year of President Bola Tinubu’s government.
He stated that the social investment initiative benefits 15 million households nationwide.
Edun, the head of the Presidential Panel of Social Investment initiative, indicated that the cash transfer will immediately enhance Nigerians’ living conditions.
According to him, the government has devised a method to ensure that payments are sent directly to recipients via digital channels.
Edun revealed that the government has engaged Mobile Network Operators to expedite the scheme’s rollout.
He explained that to receive financial transfers, recipients must have a National Identity Number, an account number, or mobile wallets.
“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.
