Nigeria’s Bank Starts Giving Money to Many Families
The Central Bank of Nigeria is putting money into the bank accounts of 15 million families to help them out. But, not every family will get money because the government has decided that some families shouldn’t get it. Read on to see why some families are not included.
CCT News Today, 22 November 2023
Hello Piggybank.ng Readers!
We’ve got some important news for you today, November 22, 2023. Let’s break it down into simpler terms:
- What’s Happening?
- There’s a new update about the Federal Government’s Cash Transfer Program in Nigeria.
- Why Does It Matter?
- The World Bank released a report saying that giving people money (cash transfers) is really important right now. Why? Because it helps prevent more Nigerians from becoming poor due to rising prices and economic troubles.
- What’s the Situation in Nigeria?
- It’s a bit tough. More than 37% of Nigerians live on less than $2.17 a day, and 70% earn under $3.65 a day. The World Bank is worried about Nigeria’s economy, which is affected by lower oil production, global issues, and instability in the region.
- What’s the Government Doing?
- President Bola Tinubu started a new program. It gives N25,000 to 15 million households for three months. The World Bank is backing this with a big chunk of money ($299.99 million) from an $800 million budget.
- Any Concerns?
- Yes, there’s a catch. The program might not reach everyone it needs to. Why? Because less than 1% of Nigerians have the National Identity Number needed to get this help.
- Who’s in Charge?
- The Federal Ministry of Humanitarian Affairs and Poverty Alleviation is managing this big $800 million project.
- What’s Next?
- The article wraps up by saying we need to keep making changes and fix some big issues in the system, just like the World Bank suggests.
FG Disqualifies These Nigerians
Those lacking National Identification Numbers (NIN) and Bank Verification Numbers (BVN) will face disqualification.
The Federal Government (FG) has announced that Nigerians without National Identification Numbers (NIN) and Bank Verification Numbers (BVN) will be disqualified from participating in various government services and initiatives. This decision is part of the government’s ongoing efforts to combat identity theft, fraud, and other financial crimes.
The FG has urged all Nigerians to obtain their NIN and BVN as soon as possible to avoid any disruptions in their access to government services. The NIN can be obtained at any National Identity Management Commission (NIMC) office, while the BVN can be obtained at any branch of your bank.
The government has also stated that it will continue to provide support and guidance to Nigerians in the process of obtaining their NIN and BVN.
Direct Payments by Central Bank: The Central Bank of Nigeria will now make payments directly to beneficiaries, eliminating the need for consultants. The initial round of bulk payments, benefiting five million households, is scheduled to commence next week.
The Conditional Cash Transfer Scheme: The Conditional Cash Transfer scheme is a crucial component of the Federal Government’s broader National Social Investment Programme. Its primary objective is to enhance the living standards of millions of Nigerians trapped in extreme poverty while simultaneously fortifying the national economy.
President Tinubu’s Initiative: On the occasion of the 2023 International Day for the Eradication of Poverty in Abuja, President Bola Tinubu unveiled a social safety net intervention. Under this program, 15 million households will receive N25,000 each over three months, aimed at alleviating the repercussions of recent fuel subsidy removal and combating poverty on a national scale.
Review and Expansion of the Program: asheed Olanrewaju, the Special Adviser on Media and Publicity to the Minister of Humanitarian Affairs and Poverty Alleviation, shed light on the program’s changes. He confirmed that the cash transfer scheme had undergone an extensive review and expansion.
Olanrewaju clarified, “We’ve meticulously updated and verified our register, ensuring it includes pensioners, veterans, and other vulnerable individuals who were not previously accounted for.”
Supporting this statement, Jamaldeen Kabir, the National Communications Manager for the National Social Investment Programme Agency, emphasized that beneficiaries no longer classified as living in poverty are being systematically removed from the previous register. Furthermore, he highlighted the inclusion of spouses of fallen heroes and pensioners in the ongoing expansion.