FG Unveils Cash Transfer Scheme for 75m Nigerians to Mark Tinubu's 1st Year

Wale Edun

FG is planning a cash transfer program for 75 million Nigerians to commemorate Tinubu's first year in power.

The Federal Government has reinstated the suspended social investment program, aiming to provide direct financial support to 75 million Nigerians from 50 million households. This move seeks to alleviate the suffering of citizens, particularly vulnerable groups, by offering cash payments to those in need.

The administration added that in order to combat and avoid fraud, the cash transfer scheme has been completely redesigned.

This was declared during the ministerial sectoral briefing commemorating President Bola Tinubu's administration's first year in office in Abuja by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

On January 12, Tinubu imposed a six-week suspension on all initiatives run by the National Social Investment Programme Agency, or NSIPA.

As part of an investigation into claims of wrongdoing in the agency's and the scheme's administration, Tinubu stopped all programs run by the National Social Investment Programme Agency, or NSIPA, on January 12 and kept them suspended for six weeks.

Betta Edu was also suspended by the President in January from her role as the Minister of Humanitarian Affairs and Poverty Alleviation. The NSIPA's operations are supervised by Edu's ministry.

The Government Enterprise and Empowerment Program, N-Power, the Conditional Cash Transfer Scheme, and the Home-Grown School Feeding Initiative are among the intervention initiatives impacted by the suspension.

The federal administration was encouraged to continue the implementation of the social investment programs that had been put on hold by the House of Representatives in March.

Edun declared, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President's reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.

“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with Nibn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”