The Nigerian government has provided cash payments to 25 million individuals as part of a poverty alleviation program, utilizing biometric verification methods. The initiative, which began last year, targets approximately 67 million citizens to combat rising poverty levels in the nation, as highlighted by recent reports indicating that nearly half of the population lives below the poverty line. The program includes additional support measures such as student loans and assistance for farmers.
In a significant move to alleviate poverty, the Nigerian government has disbursed cash payments to approximately 25 million citizens registered in the national social register. Beneficiaries have undergone biometric verification utilizing their National Identification Number (NIN) alongside their Bank Verification Number (BVN). Initiated in October of the previous year, this program originally targeted around 15 million eligible individuals. The Minister of Finance, Wale Edun, recently confirmed that the initial two payment tranches have been duly issued, emphasizing that funds are distributed based on household registrations. Each household benefits from 75,000 Naira (approximately $45) per payment, with a total target of 67 million citizens in the ongoing program. The policy addresses the pressing issue of poverty in Nigeria, where more than 14 million individuals have reportedly succumbed to extreme poverty this year alone, as indicated in the World Bank Macro Poverty report. This alarming statistic reveals that nearly 47 percent of the Nigerian population currently lives below the global poverty threshold of $2.15 per day. The report underscores the necessity for decisive governmental action to control inflation, enhance non-oil revenue generation, and sustain fiscal stability. While the cash payment initiative has reached 25 million individuals, Minister Edun elaborated on other social intervention measures, revealing that the consumer credit facility has aided 11,000 people with a total of 3.5 billion Naira ($2 million) disbursed within five days. Moreover, the student loan program has supported 500,000 students, distributing a total of 90 billion Naira ($55 million) thus far. In tandem with these efforts, the government has committed to providing subsidized farm inputs and equipment to approximately 600,000 farmers, as part of a broader framework of social support. During a recent National Economic Council meeting, Seyi Makinde, the Governor of Oyo State, expressed his administration’s commitment to creating a non-partisan social register, further reinforcing the government’s objective of establishing a reliable and accurate social support framework.
The Nigerian government’s initiative to provide monetary assistance aims to address the rising socio-economic challenges faced by its populace, particularly in light of increasing poverty levels exacerbated by economic conditions. The integrated biometric identification system, incorporating NIN and BVN, ensures the accurate distribution of funds, reducing corruption and ensuring that aid reaches the intended beneficiaries. The soaring poverty rates, highlighted by international reports, compel the government to implement multifaceted strategies, including this cash transfer program, to support those most in need.
In conclusion, Nigeria’s cash payment initiative serves as a crucial strategy to reduce poverty among its vulnerable population. With millions already receiving assistance, the program highlights the government’s commitment to enhancing social protection through verified biometric identification. As the country grapples with alarming poverty statistics, creating a reliable social register and an effective social support system will be essential steps in reversing this trend towards socio-economic stability.
Original Source: www.biometricupdate.com
