The World Bank has revealed that a meager 0.1% of the expected beneficiaries among Nigeria’s poor and vulnerable population have received the N25,000 cash palliative promised by the federal government, according to Alex Sienaert, the World Bank’s Lead Economist for Nigeria. Sienaert shared this data last week during the Nigeria Development Update, December 2023 edition, held in Abuja.
The cash handouts were pledged by the administration of President Bola Tinubu under the Conditional Cash Transfer Program, designed to provide relief following the introduction of the fuel subsidy removal. The initiative aimed to distribute N25,000 monthly for three months to vulnerable Nigerians.
Despite the promise, reports indicate that around 99.9% of the targeted poor and vulnerable households are yet to receive the cash. The World Bank is supporting this program with $800 million, with the goal of assisting 15 million Nigerian households earning less than N75,000 per month, categorized as poor, near-poor, or vulnerable.
Sienaert disclosed that by the end of December, the program is expected to reach 5 million households, and so far, only 1.5 million households have received payments.
“Merely 0.1% of the anticipated families have received payment, as only 1.5 million of the targeted 15 million households have been paid for,” Sienaert stated, shedding light on the slow progress of the cash transfer program.