FG expressed that since the Plan was sent off in 2016, 2 million Nigerians have benefited.
In an interview with the News Agency of Nigeria (NAN) that took place on Thursday at the virtual International Financial Conference in Abuja, the head of the National Cash Transfer Office (NCTO), Dr. Ibraheem Adam, made this disclosure.
Stats about the program:He noticed that the program selected recipients from the rustic regions across 36 conditions of the organization and the Bureaucratic Capital Domain (FCT) through local area based focusing on, adding that the program was so far ready to arrive at 609 neighborhood states, 6,272 wards, and 48,789 networks and arrived at a sum of 1,940,325 recipients in the Public Recipient Register from origin to date.
“We arrived at a favorable time in Nigerian history when the project we superintended had the mandate to reduce poverty, and as you may be aware, our poverty rate is approximately 60% of the population.
Therefore, the objective of the program was to improve human capital development and alleviate poverty;The cash transfer, which is an extension of stipends to beneficiaries, is the instrument we are utilizing to accomplish this.
The federal government has implemented a digital payment system, which necessitates the opening of bank accounts for beneficiaries, in order to facilitate this in an efficient and transparent manner.
He stated, “We have approximately 2 million beneficiaries who have been credited with cash into their own personal NUBAN account created by the banks for the easy connection to the ongoing international conference on financial inclusion.”
He mentioned that the FG places them in groups where they participate in rotational savings and contributions. These groups eventually transform into cooperative societies that they also own, allowing them to become more independent.
“The beneficiaries receive guidance on how to use the information they acquire for the purpose of capacity building at their doorstep.
“The cash transfer essentially aims to improve household consumption, increase utilization of health and nutrition services, and, among other things, enhance environmental sanitation and management.
Worth mentioning:According to the National Bureau of Statistics (NBS), 133 million people in Nigeria, or 63% of the population, are multidimensionally poor.
Over half of Nigeria’s population is multidimensionally poor, according to the 2022 Multidimensional Poverty Index (MPI) Survey. Multidimensional poverty is highest in rural areas, where 72% of people are poor, compared to 42% in urban areas.

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