The Federal Government has disbursed ₦330 billion in cash transfers to poor and vulnerable Nigerians under the National Social Safety-Net Coordinating Office (NASSCO), Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Wednesday.

Speaking in Abuja at a meeting of the Special Presidential Panel on Social Investment Programme, Edun said the intervention forms part of President Bola Tinubu’s effort to cushion the impact of rising prices resulting from recent economic reforms.

“We are pleased to report that the social protection programme put in place as a safety net to help people to cope with the rising price level is now firmly back on track,” the minister said.

According to him, about 19.7 million poor and vulnerable households, representing more than 70 million individuals, are listed in the National Social Register, with 15 million households targeted for the transfers funded by an $800 million World Bank facility.

“So far, 8.5 million households have received at least one tranche of ₦25,000, while some have received two or three payments. The remaining seven million households will be paid before the end of the year,” Edun added.

He explained that beneficiaries were verified using their National Identity Numbers (NIN), while payments were made digitally via bank accounts or mobile wallets. The programme, he noted, would be included in future federal budgets to ensure continuity.

National Coordinator of NASSCO, Funmi Olotu, said the staggered disbursements reflected Tinubu’s insistence on linking transfers to NIN to guarantee transparency. “No more traditional cash payments. All transfers are direct debit to bank accounts,” she stated.

Olotu further explained that while the previous administration planned to pay ₦5,000 monthly for six months, the Tinubu government redesigned the initiative to provide ₦25,000 monthly for three months. She emphasized that the National Social Register, developed in collaboration with the World Bank, is built on over 40 socioeconomic variables and free from political interference.