The cash transfer program which was introduced by the Tinubu-led administration to cushion the effect of the removal of fuel subsidy was said to distribute N25,000 to 15 million impoverished households and is said to have only attended to only 1.5 million Nigerians out of the total number.
The World Bank revealed that 99.9% out of the 15 million are yet to receive the N25,000 targeted for poor households. From the earlier plans of this palliative, 15 million households are expected to receive N25,000 for the next three months which was expected to end in December 2023.
According to the report by The Times, Alex Sienaert, the World Bank's Lead Economist for Nigeria last week presented some data in Abuja during the Nigeria Development Update, December 2023 edition. Here, he gave insight on how the cash transfer program is going.
According to the material presented by the World Bank representative, the Federal Government intended to introduce a palliative program for vulnerable households for the next three months where they are to provide cash transfer of N25,000 to each household out of the 15 million beneficiaries.
The program was introduced by President Bola Tinubu on October 17, 2023 alongside funding support of $800 million from the World Bank for the same initiative.
This program intends to assist 15 million Nigerian households that make less than N75,000 per month and are considered poor, near-poor, or vulnerable.
From inception, the cash transfer program was expected to assist 15 million people, but with the revelation from Sienaert, at least 5 million households should have received the palliative by the end of December, with only 1.5 million households said to have received the support funds.
Read more: https://www.investingport.com/world...-needs-of-the-supposed-15-million-households/