FG Launches N75,000 Cash Payment Scheme for 75 Million Nigerians on Tinubu’s Anniversary

By Iyojo Ameh

As part of efforts to alleviate economic hardships, the Federal Government has announced the relaunch of the suspended social investment programme, aiming to provide direct payments to 75 million Nigerians across 50 million households.

This was made known during briefing by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun where he unveiled the revamped cash transfer programme, stressing its importance in addressing the pressing needs of citizens.

He emphasized, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme.

Edun elaborated on the program’s changes to combat fraud, stating, “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.”

President Tinubu’s decision to suspend all National Social Investment Programme Agency (NSIPA) activities on January 12, following allegations of mismanagement, prompted a thorough review and audit of financial frameworks and policy guidelines. This led to the establishment of a Special Presidential Panel, chaired by Edun, to oversee the process.

Recall that, Ms. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, was also suspended on January 8 in connection with the affected intervention programs, including N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.

The House of Representatives’ call on March 13 for the federal government to resume these social investment initiatives prompted swift action from President Tinubu’s administration.

Edun provided updates on the committee’s progress, reaffirming the government’s commitment to providing relief for poor Nigerians. He highlighted measures taken, including direct payments to 75 million Nigerians in 50 million households, and improvements in access to credit.

“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,” he reiterated.

Additionally, ₦1 billion has been allocated to consumer credit, while grants of ₦50,000 are being provided to 1 million nanoindustries, demonstrating the government’s support for small-scale enterprises amidst economic challenges.