The World Bank has revealed that only 1.5 million out of the targeted 15 million vulnerable Nigerian households have received the Federal Government’s conditional cash transfer of N25,000. The data was presented by the World Bank’s Lead Economist for Nigeria, Alex Sienaert, during the Nigeria Development Update, December 2023 edition, held last week in Abuja, according to The Times.
President Bola Ahmed Tinubu had announced the cash transfer program, funded with a $400 million loan from the World Bank, spanning from October to December 2023. However, only 0.1% of Nigerians have received the N25,000 as per the latest report.
“Currently, 1.5 million households have received money, and the program is expected to reach five million households by the end of December,” stated Sienaert.
In November, the World Bank confirmed the disbursement of $299 million out of the $400 million loan for the cash transfer to the Federal Government. The cash transfer initiative aims to provide N25,000 per month for three months to low-income households, as outlined in the presentation material.
The Federal Government, however, cited challenges in the disbursement process, attributing the delay to the low number of poor and vulnerable individuals with National Identity Numbers (NIN), a crucial criterion for receiving cash transfers from the National Social Register of the Conditional Cash Transfer Scheme.
