The World Bank has revealed that a mere 0.1% of the targeted poor and vulnerable households in Nigeria have received the Federal Government’s recently announced N25,000 per month cash handout. The data was presented by the World Bank’s Lead Economist for Nigeria, Alex Sienaert, during the Nigeria Development Update in Abuja.
President Bola Tinubu launched the Conditional Cash Transfer Program on October 17, 2023, with the aim of providing N25,000 per month for three months to 15 million Nigerian households considered poor, near-poor, or vulnerable, with funding support of $800 million from the World Bank.
Despite the extreme poverty in the country, the World Bank’s report indicates that 99.9% of the targeted households have not yet received their monthly cash transfers. The poor and vulnerable populations in Nigeria have been disproportionately affected by recent policy changes, including the removal of fuel subsidies.
The World Bank previously released information stating that less than 1% of the poor and vulnerable individuals may not be eligible for the cash distribution program. The National Identity Management Commission’s (NIMC) National Identity Number (NIN) plays a crucial role in the program, with only 0.10% of Nigerians listed as impoverished and vulnerable possessing a NIN as of December 31, 2022.
The World Bank Lead Economist for Nigeria emphasized the importance of the NIN in the cash distribution program, stating that beneficiaries will be encouraged to enroll for the NIN during the verification process. In response to the low NIN registration, the Central Bank of Nigeria has declared that, as of April 2024, all bank accounts without a Bank Verification Number (BVN) and NIN will be set to “Post no Debit.” Additionally, the CBN has mandated the electronic revalidation of BVN or NIN linked to accounts or wallets by January 31, 2024, citing efforts to support national financial stability.
