Kelvin Bowoto
President Bola Tinubu has approved the reintroduction of monthly N25,000 cash payments to disadvantaged Nigerians, following the implementation of an identifying mechanism to authenticate beneficiaries.
Wale Edun, the Finance Minister, told State House correspondents this following a Federal Executive Council (FEC) meeting presided over by President Tinubu at the Presidential Villa on Monday.
He added that Tinubu has mandated that direct cash transfers to 12 million households resume immediately, but with safeguards in place.
“The panel recommended that, given the increased constrained purchasing ability of households, the program be reintroduced.
“So the direct payments to 12 million households, comprising 60 million Nigerians, are to resume immediately with the important proviso that every beneficiary will be identified by their national ID number and bank verification number,” he stated.
He stated that the use of national identity numbers (NINs) and BVNs was designed to ensure payments were made directly to confirmed beneficiaries and to reduce fraud, which had previously plagued the program.
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According to Edun, Tinubu wanted openness in the administration’s social spending to ensure it reached the right recipients.
Edun also revealed that the government is planning another scheme to increase the purchasing power of Nigerian youths.
He stated: “At this time of high food prices, Mr. President has committed to doing everything possible to help the poorest people gain purchasing power, and in that vein, he has committed and instructed that the Social Security unemployment program be developed, particularly to cater for the youth, unemployed graduates, and society as a whole.
“So, in the near future, we will have unemployment compensation, specifically for the young unemployed.
“Finally, all on the same line, emphasizing empathy. And there is hope that a social consumer credit program will help individuals who are less well off or are suffering from the effects of this adjustment.
“So, by making consumer credit available, of course, goods become more affordable, and the economy even gets a chance to revive faster because people have purchasing power that allows them to order goods and products,” he said.
Techrectory with Agency Report.
