FG Announces Plan To Share N25,000 Cash to 15m Nigerians Monthly, Gives Condition To Benefit

FG Announces Plan To Share N25,000 Cash to 15m Nigerians Monthly, Gives Condition To Benefit

  • The Nigerian government said it will provide N25,000 to 15 million vulnerable families in three months
  • The federal government said the funds would help alleviate the financial challenges of at least 75 million Nigerians
  • Since the fuel subsidy removal, the cost of living has skyrocketed, and it has been made worse by the depreciation of the naira.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Wale Edun, the Coordinating Minister of the Economy and Minister of Finance has revealed that the Nigerian government will empower 15 million households with N25,000 per month.

This is part of the government efforts to lessen the economic hardship experienced by Nigerians.

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FG to transfer cash to Nigeria
Nigerian government to share money Photo credit: Presidency
Source: Facebook

Edun stated in an interview on Channels Television, while noting that it is part of government efforts to lessen the economic hardship experienced by Nigerians.

FG to share N25k monthly to Nigerians

According to him, those who will benefit will be particularly the vulnerable and impoverished in society.

He said:

“But I think the important thing to point out, at this time, is that the focus of President is on keeping his promise, particularly to the poor and the vulnerable.
"Food prices are elevated, and the purchasing power is limited and that is what Mr President is speaking directly to through the intervention programme of direct payments of N75,000 each over three months”.
“That is N25,000 a month to 15 million households and each household is about five people. So, that effectively provides funding for 75 million people.”

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Condition to benefit

Speaking further, Edun stated that the beneficiaries will need a BVN and NIN to access mobile money accounts.

His words:

“That all-important programme has been revamped to make sure that it is robust and to make sure that each beneficiary has a NIN number and a BVN number or access to mobile money accounts so that we are sure that the right people are paid and that the system is fraud-free.

Youths, WOMEN gets N50k

Speaking further, the minister also stated that the government is panning to give artisans, traders, women, and youth, a grant of N50,000 to start nano businesses.

He said:

"“In this particular case there will be digital verification, just like with the direct payments, direct transfer procedure and in this particular case, it will cover at least 1000 people in all 774 local governments."

Businessman distributes free rice

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In a related story, Legit.ng reported that a rich businessman identified on Instagram as Blord put smiles on the faces of his town's people during Christmas festivities.

Blord was seen in a trending video opening the gate of his house to allow poor people to troop in to collect food.

Blord reportedly shared 1200 bags of rice, and four cows to the people who were seen hailing him as their hero.

Source: Legit.ng

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