In a bid to reduce economic hardship, the federal government has begun the disbursement of funds to beneficiaries of its intervention scheme.
This initiative will support approximately 80 million households and businesses, stimulate economic growth, enhance livelihoods, and foster long-term growth nationwide.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this during a citizen and stakeholders’ engagement on the implementation of the Presidential Priorities and Ministerial Deliverables for the fourth quarter of 2024 held in Abuja.
According to him, the scheme aims to alleviate poverty, support SME startups, encourage entrepreneurship, and reduce the high unemployment rate in the country.
He stated that the intervention schemes have so far reached at least 25 million Nigerians, with N5.3 billion disbursed to households and businesses under various government welfare programs.
He added that N3.5 billion was disbursed to 11,000 beneficiaries in just five days under the consumer credit scheme, reflecting the government’s commitment to supporting individuals and businesses through accessible financial initiatives.
Edun further revealed that about N1.89 billion was paid to households in November, with a beneficiary coverage rate of 33%.
Regarding delays in disbursement, he explained that unforeseen issues with beneficiaries’ account setup and validation were responsible.
The focus is now on validating beneficiary lists and facilitating payment scaling via the National Identity Number (NIN) system to ensure transparency, minimize fraudulent claims, and streamline the payment process by linking disbursements to a unique and verifiable identification system.
By leveraging NIN, the scheme can efficiently reach the intended beneficiaries while maintaining accountability and enhancing overall program efficiency.
Meanwhile, Investors King gathered that some citizens have raised objections about the criteria for selecting beneficiaries, claiming they have not benefited from the scheme.