12m Nigerians to receive N25,000 for three months
The federal government
has disclosed its decision to give 12 million vulnerable and poor Nigerians a cash
transfer of N25,000 for a total of three months, Minister of Finance Wale Edun
said on Monday, amid a cost-of-living crisis and calls by labour unions to
cushion hardship caused by President Bols Tinibu’s reforms.
It is not yet clear who
it went to and when it went to them.
The government has also
pledged additional support, including plans for a social security programme for
unemployed youths and graduates, alongside a consumer credit scheme to boost
affordability and economic recovery, Edu said.
President Tinubu scrapped
a popular but costly fuel subsidy last May and twice devalued the currency in
less than a year, leading to soaring prices. Africa's biggest economy now
grapples with a cost-of-living crisis fueled by the highest inflation rate
in nearly three decades.
Edun told reporters after
a cabinet meeting that restarting the direct cash transfer was crucial to
tackling rising prices, especially elevated food prices, and to the
government's ability to provide purchasing power to at least 60 million people
who are less well-off.
To address concerns about
past irregularities, Edun emphasized the introduction of strict measures to
identify beneficiaries. Payments will be made directly into bank accounts or
mobile money wallets linked to a national identity number and bank verification
number, ensuring transparency and traceability.
The latest measures to
cushion the impact of ongoing reforms follow a two-week ultimatum by Nigeria's
main labour unions to the government to meet demands ranging from wage hikes to
improved access to public utilities.
The unions accused the
government of failing to uphold pledges to soften the impact of reforms. They
plan a two-day protest from Tuesday to raise their voices over the hardship.
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