Hardship: FG Disburses N25,000 Each To 4.3 Million Households

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that over 4.3 million households have benefited from the N25,000 conditional cash transfer grant.

Edun said the grant which is aimed at addressing the plight of 15 million vulnerable homes was initially suspended based on allegations of transparency.

But it was revamped in March 2024

Edun during a Tuesday programme on AIT titled, ‘Moneyline’ monitored by THE WHISTLER, said the government was targeting one million household distribution weekly in contrast to the existing one-month distribution modality.

He said, “We have a direct benefit program to transfer money directly to the pockets and the accounts of the poor and the most vulnerable. Which Mr. President always said, he would not leave behind.

“The truth is that that process was started a little last year. It ran into difficulties of transparency, honesty and integrity. So, it has been revamped and it was started again in March using technology, making sure that each individual was identified biometrically and they were paid through the bank account or the mobile wallet.

“It started again in March. It took some time to ramp up. But now those payments are running at one million a month. So, one million households are being paid a month”.

Edun revealed that “4.3 million households” have been given financial aid under the cash transfer program.

He added that the fund was enabled through the $800m World Bank program, under the International Development Association program, adding that the money is for 40 years at a repayment mode of one per cent.

Speaking further the minister said the surge in food inflation despite various economic policies was due to the porous state of the country’s border.

According to the minister, the various macroeconomic reforms were necessary to address the high cost of living and cushion its effects on Nigerians.

Edun said, “The heightened cost of food, there are many reasons for it. And what matters now is that the intervention is in the marketplace, it is plentiful and affordable. There has been ongoing distribution of free food by the government through the states and other bodies.

“About 20 trucks each were given to all the states, there is further distribution of rice by the government free of charge and the markets will feel the benefit of rice at a subsidized price to the market price.

“This will influence the current market price, and help bring out what is in the stores that may be being hoarded and being kept aside and being speculated upon. It will help to bring out that inventory.

“But we do have the issue of food going across the border, which is one of the issues in terms of food supply.”