FG to Distribute N75,000 to 70 Million Nigerians

The Federal Government has announced plans to distribute N75,000 cash transfers to an estimated 70 million 'poorest of the poor' Nigerians by 2025. This initiative is part of the government's efforts to alleviate the suffering of vulnerable citizens, particularly in the face of rising food prices and inflation¹ ²[4).

According to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, the program aims to provide direct financial support to 15 million households, with each household receiving N75,000 over a period of three years. This translates to N25,000 per month, which will benefit approximately 75 million people, assuming an average household size of five individuals [1).

To ensure the program's effectiveness and prevent corruption, beneficiaries will be required to have a National Identification Number (NIN), Bank Verification Number (BVN), or access to a mobile money account. This will enable the government to verify the identities of recipients and prevent fraudulent activities.

In addition to the cash transfer program, the government has also announced plans to provide an additional 60,000 metric tons of grain to food and feed mills, as well as a N50 billion non-repayable grant to 1,000 artisans, traders, and nano-businesses in all 774 local government areas.³

The government's initiatives are designed to address the current economic challenges facing the country, including rising food prices, inflation, and unemployment. By providing direct financial support to vulnerable citizens and promoting economic growth through grants and other initiatives, the government aims to mitigate the suffering of Nigerians and promote sustainable economic development.