No More N8k: FG to Give N75,000 to 15 Million Families

No More N8k: FG’s Plan to Aid 15 Million Families with N75,000 Cash Transfers

The Nigerian government has declared its intentions to give a helping hand to many of its citizens in the coming months.

significant number of vulnerable families will receive monetary support as a means of empowerment and upliftment.

Key Details:

• Duration: From October to December 2023.
• Amount: N75,000 will be given to each of the beneficiary families.
• Reach: An estimated 15 million families are set to benefit from this initiative.

Insights from The Ministry:

The Ministry of Humanitarian Affairs and Poverty Alleviation has been at the forefront of this movement. The funds will be spread out and disbursed in three separate tranches over the span of three months.

The Ministry’s head, Betta Edu, during a recent discussion with the Minister of Information and National Orientation, Mohammed Idris, clarified that this is just one among a series of programs intended to act as a safety net for the people of Nigeria.

Broader Vision of Social Intervention:

During a recent press release by the ministry’s spokesperson, Rhoda Ishaku Iliya, it was shared that their goal is beyond just providing money. They aim to ease the day-to-day challenges faced by many Nigerians. The focus is:

1. Shelter: Ensuring that every Nigerian has a roof over their head.
2. Nutrition: Making sure that food and essential nutrients are available to all.
3. Social Safety: Other programs will be introduced to assist those affected by the humanitarian crisis.

To realize this vision, multiple schemes will be rolled out as a part of the National Social Safety Nets Programmes. The target? Pull millions of Nigerians out of the threshold of poverty.

Breakdown of the Funding:

The ministry’s plan is structured and methodical:

• N75,000 Cash Transfers: As part of the Conditional Cash Transfer Programme, 15 million households are slated to receive N75,000 each. This amount will be divided and handed out in three parts.
• GEEP Programme: Starting October 2023, 1.5 million individuals are set to benefit from the GEEP programme. They can expect a sum of N50,000 each, given under projects like the GEEP Market Women, Trader, and Farmer loans. This scheme too is divided into three phases with 500,000 beneficiaries in each.

Wider Impact on the Economy:

While the government’s move has been largely appreciated, the decision comes on the heels of an announcement made on May 29, 2023. The “subsidy is gone” declaration made by President Bola Tinubu has allowed the import of a whopping 27 million litres of petrol. Costing around $17 million, it remains to be seen how this move plays out among the Nigerian populace.

It’s clear that the Nigerian government is taking proactive steps towards the betterment of its people. Time will only tell how effective these measures will be in changing the landscape of the nation

Important Links:

FG Announced Non-interest Loan of N50,000 – How to Apply

Top Loan Apps in Nigeria

What are the challenges of the cash transfer programme?

One of the main challenges of the cash transfer programme is ensuring that the funds reach the intended beneficiaries. The FG will need to work with banks and mobile money operators to ensure that all eligible beneficiaries have bank accounts or mobile money wallets.

Another challenge is ensuring that beneficiaries use the funds for their intended purpose. The FG may need to put in place safeguards to prevent beneficiaries from using the funds for non-essential items.

Overall, the FG’s new cash transfer programme is a positive initiative that has the potential to improve the lives of millions of Nigerians. However, it is important to address the challenges of the programme to ensure that it is successful.

FAQs on FG to Empower 15 Million Families With N75,000 Cash Transfers