President Bola Tinubu-led government is set to transfer money directly to beneficiaries through the Central Bank of Nigeria (CBN), starting with five million households in the first batch. This initiative is part of the National Social Investment Programme, aimed at improving the lives of Nigerians living in extreme poverty.
In commemoration of the 2023 International Day for the Eradication of Poverty, President Bola Tinubu launched the disbursement of N25,000 to 15 million households for three months as a social safety net intervention. The goal is to alleviate the impact of fuel subsidy removal and combat poverty.
The government is expanding the National Social Register to include pensioners and ex-servicemen while removing beneficiaries who no longer meet the poverty criteria. Dead beneficiaries and those without National Identification Numbers and Bank Verification Numbers are also being disqualified.
Payments have already begun for verified households, and bulk payments are set to commence next week, reaching five million households by the end of the year. The verification process involves stringent measures to ensure the program’s credibility.
As the program continues to evolve, the exact number of disqualified beneficiaries will be determined in the coming weeks.