Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, said that 25 million vulnerable Nigerians from five million households are currently on a verified databank of the social investment programme receiving N25,000 Monthly.
The programme involves direct cash transfers to individuals on the social register, verified through biometric identification and paid through bank accounts or mobile wallets.
Speaking to State House correspondents after the National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima at the Presidential Villa Abuja, the Minister explained that the first and second payments have already been made to beneficiaries.
“There are direct transfers to the people on the social register that have been put together by all levels of government and have been verified. People are paid after they have been uniquely identified biometrically, and they are paid digitally through a bank account or mobile wallet,” Edun noted.
He continued that “Those payments have been rolled out. They’ve now reached five million households, and 25 million Nigerians, and first and second payments are being made.
READ ALSO: ‘Tinubu’s support helping us to deliver in Benue’
“That process of having a robust social register, where you can reach people directly and help them with payments that allow them to choose what their priority is and go and then deal with that priority, is something that will be ongoing.
“A society always needs to help its poorest and its most vulnerable because relatively you’re always going to have people who need help,” the Finance Minister said.
Edun further said that the government to address food affordability has introduced a programme allowing millers to import duty-free and levy-free brown rice cultivation
He also highlighted other initiatives aimed at supporting citizens, including the Consumer Credit Scheme, which has benefited 11,000 individuals with N3.5 billion in the last five days.
The credit scheme according to him enables workers to afford essential goods, such as CNG kits to convert cars to cheaper fuel.
The Finance Minister also said the Student Loan Scheme had reached over half a million students, with N90 billion in interest-free loans to institutions disbursed for fees and student upkeep.
The CNG initiative is also underway, providing cheaper fuel for mass transit and personal vehicles, he said.
He added that small-scale businesses are being supported with cheap loans at nine percent interest, up to N1 billion, while micro-enterprises have received N50 billion in grants.
The Minister stressed the government’s commitment to helping its poorest and most vulnerable citizens.
He said the initiatives demonstrate the present administration’s efforts to mitigate the impact of economic challenges on Nigerians, providing a safety net for those in need and promoting economic growth.
