World Bank data has exposed the stark reality that the Federal Government’s ambitious N25,000 monthly cash transfer program has reached a mere 0.1% of its intended beneficiaries.
Alex Sienaert, the World Bank’s Lead Economist for Nigeria, who presented the Nigeria Development Update in Abuja last week said only 1.5 million households out of the targeted 15 million have received the cash disbursement.
The Federal Government had outlined plans to provide monthly cash transfers of N25,000 to low-income households for a three-month period, aiming to alleviate financial hardships exacerbated by recent policy changes, including the removal of fuel subsidies.
However, with only a fraction of the intended recipients benefitting so far, the effectiveness of the program comes under scrutiny.
The low disbursement rate may be attributed to challenges in the National Social Registry, with only 0.10% of the total poor and vulnerable Nigerians on the registry possessing National Identity Numbers (NIN), a prerequisite for receiving the cash transfer.
The World Bank’s data highlights the significant gap between the program’s objectives and the on-ground realities, emphasizing the need for effective implementation strategies to ensure the intended beneficiaries are reached.
As Nigeria grapples with economic challenges, the slow progress of the cash transfer program raises concerns about the support reaching those who need it most.