FG stated that since the Scheme was launched in 2016, 2 million Nigerians have benefited.
This was revealed by the head of the National Cash Transfer Office (NCTO), Dr. Ibraheem Adam in an interview with the News Agency of Nigeria (NAN) at the virtual International Financial Conference in Abuja on Thursday.
Program Statistics: He noted that the program enrolled beneficiaries from rural areas in 36 federal states and the Federal Capital Territory (FCT) through community-based targeting, adding that the program has so far been able to reach 609 local governments, 6,272 districts and 48,789 communities and reached a total of 1,940,325 beneficiaries in the National Registry of Beneficiaries from its inception to date.
- “We came at a good time in Nigerian history when the project we oversee has a mandate to reduce poverty and as you may know our poverty level is around 60% of the population.
- “So the program actually came about to reduce poverty and improve human capital development; and in order for us to do that, the tool that we are using is the cash transfer, which is an extension of stipends to the beneficiaries.
- “In order for this to happen in an effective and transparent way, the federal government has introduced a digital payment system and this involves the creation of bank accounts for the beneficiaries.
- “We have around 2 million beneficiaries who have had cash credited to their own personal NUBAN account set up by the banks to facilitate the link to the ongoing international financial inclusion conference.” he said.
He pointed out that the FG groups them into groups where they make revolving savings and contributions, which metamorphose into cooperative societies, which they also own, and by doing so they can also empower themselves.
- “Beneficiaries receive guidance to properly use the knowledge gained in the cause of capacity building at their doorstep.
- “The objective of the monetary transfer is basically to improve household consumption, increase the use of health and nutrition services, and improve sanitation and environmental management, among others.
Worthy of note: The National Bureau of Statistics (NBS) has revealed that 63% of people living in Nigeria (133 million people) are multidimensionally poor.
The news continues after this announcement.
According to the 2022 Multidimensional Poverty Index (MPI) Survey, more than half of Nigeria’s population is multidimensionally poor, with multidimensional poverty highest in rural areas, where 72% of people are poor, compared to with 42% of people in urban areas. .