Nigeria CBN Initiates Cash Transfers: Nigerians Must Have NIN and BVN to Qualify, Says FG

Here are 12 things to know about the Nigerian government's Conditional Cash Transfer:

1. Expansion of National Social Register: The Federal Government is expanding the National Social Register to include pensioners and ex-servicemen under its Conditional Cash Transfer scheme.
2. Removing Beneficiaries Above Poverty Line: The government is removing beneficiaries who have crossed the poverty line, ensuring that the aid reaches those who need it the most.
3. Disqualification Without NIN and BVN: Individuals without National Identification Numbers (NIN) and Bank Verification Numbers (BVN) will be disqualified from the program.
4. Direct Payments by CBN: Payments will be made directly to the beneficiaries by the Central Bank of Nigeria, eliminating the need for consultants.
5. Bulk Payments Starting Soon: The first batch of bulk payments is set to begin next week for five million households.
6.  Part of National Social Investment Programme: The Conditional Cash Transfer scheme is a component of the National Social Investment Programme aimed at improving the lives of Nigerians living in extreme poverty and boosting the economy.
7.  Launch on International Day for Eradication of Poverty: President Bola Tinubu launched the disbursement of N25,000 to 15 million households for three months on the 2023 International Day for the Eradication of Poverty.
8. Mitigating Fuel Subsidy Removal Impact: The program aims to mitigate the impact of the recent fuel subsidy removal and contribute to poverty eradication.
9.  Review and Expansion: The cash transfer scheme has been reviewed and expanded to include pensioners, veterans, and other vulnerable individuals who were not initially covered.
10.  Dead Beneficiaries Removed: Deceased beneficiaries are being removed from the register to ensure funds go to the living beneficiaries.
11.  Measures for Credibility: The government has put in place controls to make the process credible and transparent, including the use of NIN and BVN.
12. Targeting 15 Million Households: The initiative targets 15 million households, which translates to approximately 62 million individuals, with an average of five persons per household.