The Federal Government of Nigeria has released ₦24.78 billion under the National Cash Transfer Programme, benefiting 991,261 poor households as part of its ongoing efforts to alleviate poverty nationwide.
According to a statement from the National Social Investment Programme Agency (NSIPA), the initiative spans across all 36 states and the Federal Capital Territory (FCT). The agency highlighted that this disbursement aligns with President Bola Tinubu’s “Renewed Hope Agenda,” an initiative designed to address poverty and promote economic stability.
Badamasi Lawal, NSIPA’s National Coordinator and Chief Executive Officer, confirmed that ₦3.83 billion was transferred to 153,038 households in August 2024. The following month, an additional ₦20.96 billion was disbursed to 838,223 households, with each receiving ₦25,000 through designated financial service providers.
“The Renewed Hope Conditional Cash Transfer aims to cushion the economic challenges faced by Nigeria’s most vulnerable households,” the statement read, further noting that the program is expected to not only alleviate poverty but also improve household financial stability and promote savings.
In addition to economic benefits, the initiative is also designed to improve access to healthcare and nutrition for beneficiaries. The programme’s broader impact includes enhancing livelihood opportunities, fostering interpersonal relationships, and promoting family well-being.
Lawal reiterated the agency’s dedication to supporting Nigeria’s most vulnerable populations through these critical social interventions.
In a related development, the Federal Government has also announced the disbursement of the second tranche of payments under its cash-based Social Investment Programme. This update was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a meeting with the Presidential Panel on the Social Investment Programme.
A statement posted on the official X account of the Ministry of Finance on Thursday detailed that the meeting was convened to assess progress on policies related to President Tinubu’s agenda. However, the statement did not specify the exact number of beneficiaries, geographic spread, or the total amount disbursed under this tranche.
The statement also highlighted key updates, including the verification of approximately one million recipients under the Direct Benefit Transfer programme. Additionally, the Minister advised the National Social Safety-Net Coordinating Office to collaborate with the National Identity Management Commission (NIMC) to streamline the enrollment of beneficiaries through the National Identification Number (NIN) platform, thereby enhancing programme outreach.
This directive grants the office access to NIMC’s database, facilitating more accurate identification and verification of beneficiaries.
The Minister further outlined plans for a new communication strategy aimed at expanding the programme’s reach across Nigeria and discussed reforms to the School Feeding Programme.
Edun emphasized the importance of identifying the most vulnerable individuals and ensuring the timely and secure delivery of benefits using digital systems. He reaffirmed the administration’s commitment to executing social investment programmes with efficiency and transparency.
