FGN Bank Set to Disburse $800m Aid to Nigerians

GoldennewsngNov 16, 2023Read original

In a significant move, the

has initiated the release of $800 million earmarked for the National Social Safety Net Program-Scale Up in Nigeria. As of now, approximately $300 million has been disbursed, signaling a crucial step in the Federal Government’s plan to implement a monthly cash transfer program for the country’s poor and vulnerable citizens. The program, launched by President Bola Tinubu, aims to assist 15 million households affected by recent policies, including the fuel subsidy removal.

As this financial aid is disbursed in collaboration with the World Bank, it marks a significant milestone in the Federal Government’s efforts to support vulnerable populations and mitigate the impact of recent economic changes. The commitment to transparency and effective implementation is evident in the decision to upgrade the system for the cash transfer program. This collaboration signifies a proactive approach to address the economic challenges faced by Nigerians, ensuring that the aid reaches those who need it the most.