The Federal Government has disbursed N330 billion in cash transfers to vulnerable Nigerians through the National Social Safety-net Coordinating Office, as part of its strategy to cushion the impact of rising prices on households.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed the payments, noting that 8.5 million households have so far received at least one tranche of N25,000 from the $800 million World Bank facility. A total of 19.7 million households and over 70 million individuals are captured in the National Social Register.
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The intervention, according to Edun, is a key part of President Bola Tinubu's economic reforms aimed at protecting the poorest Nigerians from inflationary pressures triggered by fuel subsidy removal and currency floatation. Beneficiaries are identified via their National Identity Numbers (NIN) and paid digitally through bank accounts or mobile wallets, ensuring transparency.
For SMEs, the initiative could translate into higher consumer spending power at the grassroots, creating a ripple effect in local markets and neighborhood businesses. With more cash in circulation at the base of the pyramid, small businesses may benefit from increased patronage, driving microeconomic activity across communities.
