President Bola Tinubu has approved the reinstatement of monthly N25,000 cash payments to vulnerable Nigerians after mandating an identification system to verify beneficiaries.
Finance Minister, Wale Edun, disclosed this to State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Tinubu at the Presidential Villa on Monday.
He revealed that Tinubu had directed that the direct cash transfers to 12 million households be restarted immediately, but with safeguards in place.
“A key recommendation of the panel was that, given the heightened limited household purchasing power, it’s important to restart the program.
“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,” Edun said.
He said the use of national identification numbers (NINs) and BVNs was intended to ensure payments go directly to verified beneficiaries and curb fraud that previously plagued the program.
According to Edun, Tinubu was keen for transparency in the administration’s social spending to guarantee it reaches the intended recipients.
Edun also disclosed that the government was also considering another programme that will boost the purchasing power of the Nigerian youth, thereby considering another programme to boost the purchasing power of the Nigerian youth.
He said: “At this period of heightened food prices, Mr President has committed to doing all that can be done to assist in giving purchasing power to the poorest and in that line, he has committed and instructed that the Social Security unemployment program be devised, particularly to cater for the youth, for the unemployed graduates, as well as the society as a whole.
“So, we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular.
“Finally, all in the same line, to emphasise that there is empathy. And there is feeling for those who are less well off, or feeling particularly the pains of this adjustment, there is a social consumer credit programme.
“So, by making consumer credit available, of course, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” the Minister stated.