The Federal Government has revamped its cash transfer programme to combat fraud, with immediate implementation of direct payments.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy disclosed this in an interview on channels television.
This adjustment aims to uphold the President’s commitment to supporting vulnerable groups amid rising food prices, promising direct transfers of N75,000 to 15 million households over three months.
He said:
- “But I think the important thing to point out at this time is that the focus Mr. President, is on keeping his promise, particularly to the poor and vulnerable, as food prices elevate, and the purchasing power is limited.
- “And that is what Mr President is speaking to directly through the intervention of direct payments of N75,000 each, over three months, that is N25,000 a month to 15 million households. And each household is about five people. So that effectively provides funding for 75 million people.”
Enhanced verification through National Identification Number (NIN), Bank Verification Number (BVN) or access to mobile money account is part of the strategy to ensure integrity and reach the intended beneficiaries.
This overhaul follows suspensions and investigations into alleged misappropriations within the program.
Betta Edu was earlier suspended as a humanitarian affairs minister due to the misappropriation of N585 million earmarked for palliative distribution.
Also, Edu’s predecessor, Sadiya Umar-Farouq, is being investigated by the EFCC. The ex-minister is being probed over an alleged laundering of N37.1 billion during her tenure as a minister.
FG focused on affordable foods for the poor
The finance minister also expressed the government’s commitment to ensuring access to affordable foods for the average Nigerians, He added that the government has planned to provide an additional 60,000 metric tons of grains for food and feed mills.
He said:
- “This is in effort to increase the availability of food in the market, of course there was a release of 42,000 metric tons of grain from the strategic reserves and another 60,000 metric tons to come.
- “This is all in a bid to make sure there’s food in the marketplace but more importantly the emphasis now is on making sure purchasing power to buy the foods is in the hands of the poor and the vulnerable in our society in particular.
- “So given that, at the time of the kind of cost of living spike that we are seeing, the most direct way is to give people money, allow them to go to the market and buy.”
FG plans grant for small businesses
Edun also disclosed that another N50 billion non-refundable grant will be distributed to at least 1000 artisans, traders, and nano businesses in all 774 government areas in the country.
The finance minister said:
- “So, in addition to the direct payments system that has now been revamped and will now be immediately implemented, there is also one attempt to give artisans, traders, women, youths, and nano businesses a grant, non-repayable grant of N50,000 on the same Intervention Programme scheme of Mr. President.
- “And in this particular case, there will be digital verification, just like with the direct payment and s, and direct transfer procedure. And in this particular case, it will cover at least 1000 people in all 774 local governments.
- “And that programme will now be another N50 billion and the important thing is to know to the extent that this is the most direct way to help people at this time, it can be expanded. It can be continued until we find a more stable environment in terms of food production, prices, and affordability through increased spending power of the poor people.
- “That is the situation at the moment that is the effect that is the concentration. It is a commitment of this government to ensure that the poor and the vulnerable are taken care of at this particular time of elevated prices.”
