Federal Government Disburses Cash Payments to 25 Million Nigerians via Digital ID

The Nigerian government has initiated cash payments for 25 million citizens as part of a poverty alleviation scheme, utilizing biometric verification through the National Identification Number (NIN) and Bank Verification Number (BVN). Each household is set to receive 75,000 Naira per tranche, addressing the challenges faced by millions amid rising poverty levels as revealed by the World Bank report. Additional social programs are underway to further assist vulnerable groups across the nation.

Approximately 25 million Nigerians registered in the national social register have received cash payments from the federal government aimed at alleviating poverty. These beneficiaries are validated through biometric identification methods, utilizing their National Identification Number (NIN) alongside their Bank Verification Number (BVN). Initiated in October of the previous year, this cash transfer program initially targeted around 15 million eligible participants. At a recent National Economic Council meeting, Finance Minister Wale Edun reported that payments are being disbursed to approximately five million households, delivered either electronically through bank accounts or via digital wallets. Each household receives payments totaling 75,000 Naira (equivalent to approximately US$45) per installment, with additional funds slated for future distribution. This initiative seeks to reach a total of 67 million citizens. Despite these efforts, the World Bank’s recent report indicates that an alarming 14 million more Nigerians were thrust into extreme poverty in 2024, leading to approximately 47 percent of the population living below the global poverty threshold of $2.15 per day. The document urges the Nigerian government to implement effective policies focusing on controlling inflation, enhancing non-oil revenues, and avoiding deficit monetization to support sustainable economic growth. Minister Edun emphasized the need for an accurate social register to fulfill social protection commitments effectively. Additional social intervention programs have been introduced, including a consumer credit facility benefitting 11,000 individuals, a student loan scheme that has supported 500,000 students with 90 billion Naira (US$55 million), and an initiative to provide 600,000 local farmers with affordable agricultural inputs and equipment. During the National Economic Council meeting, Oyo State Governor Seyi Makinde stated that efforts to create a non-partisan social register are in progress within his jurisdiction.

The cash payments initiative in Nigeria is part of a broader poverty alleviation effort addressing the significant challenges faced by the population amid rising economic hardship. The initiative leverages biometric technology for identity verification, which incorporates the National Identification Number (NIN) and Bank Verification Number (BVN) to ensure accurate and secure distribution of benefits. The ongoing socio-economic struggles have heightened the urgency for effective social protection programs, particularly in light of the increasing number of Nigerians slipping into extreme poverty. The government aims to establish a robust social register to streamline these endeavors and enhance the efficacy of social interventions.

In summary, the Nigerian government’s initiative to provide cash payments to 25 million individuals underlines the urgency of addressing poverty in the nation. Despite these efforts, the alarming statistics from the World Bank highlight a growing crisis, necessitating comprehensive measures to tackle inflation and enhance revenue generation. Moving forward, maintaining an accurate social register and expanding support programs will be crucial in addressing the pressing needs of Nigeria’s vulnerable populations.

Original Source: www.biometricupdate.com