BREAKING: CBN Begins Cash Transfer of N25,000 to 15 million with NIN, BVN

CBN has commenced the Cash Transfer of N25,000 to 15 million with NIN and BVN.

 

Newsonline Nigeria understands that Nigerians without National Identification Number (NIN) and Bank Verification Number (BVN) will not be eligible for the conditional cash transfer scheme.

 

 

Also, the President Bola Tinubu Federal Government is reviewing and expanding the National Social Register to accommodate pensioners and ex-servicemen. It is also removing beneficiaries who have exited the poverty line.

 

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It was further gathered that payments would be made directly to the beneficiaries by the Central Bank of Nigeria and not through consultants, as the first batch of bulk payments would begin next week for five million households.

 

The Conditional Cash Transfer scheme is part of the National Social Investment Programme of the Federal Government, which is a project created to change the lives of millions of Nigerians living in extreme poverty, upgrade their standards of living and improve the economy.

 

In commemoration of the 2023 International Day for the Eradication of Poverty on Tuesday in Abuja, President Bola Tinubu launched the disbursement of N25,000 to 15 million households for three months as a social safety net intervention.

 

The aim is to mitigate the impact of the recent fuel subsidy removal and help eradicate poverty across the country.

 

Providing further details on the initiative in response to inquiries by newsmen, the Special Adviser on Media and Publicity to the Minister of Humanitarian Affairs and Poverty Alleviation, Rasheed Olanrewaju, stated that the cash transfer scheme had been reviewed and expanded.

 

Asked if the Federal Government would use the old register used by the former President Muhammadu Buhari administration to transfer the money, he stated, “We are using a verified expanded register that has pensioners and veterans, as well as other vulnerable persons who were not captured.”

 

At the launch of the cash transfer scheme on Tuesday, Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume, enumerated various steps his administration had taken to ameliorate poverty in the country.

 

These, according to the President, include providing the policy framework and road map for poverty alleviation, developing humanitarian response and expanding the National Social Register to capture Nigerians living below $1.95 per day.

 

Other steps include restructuring of the National Social Investment Programme and repositioning it for quick and efficient delivery that is transparent, as well as partnering with the World Bank Group and other development partners to implement conditional cash transfers and business grants, among others.

 

The ministry stated that the government was also investing N100bn in the purchase of 3,000 units of 20-seater Compressed Natural Gas-powered buses for cheaper transportation.

 

It further stated that there was an investment of N200bn to cultivate 500,000 hectares of farmland to improve food security.