Latest Updates on Cash Transfer November 2023 » Voice of Nigeria
As your trusted source for news, Voice of Nigeria brings you the latest on Nigeria’s Cash Transfer Program in November 2023. Dive into the World Bank’s recent findings, President Tinubu’s new strategies, and the economic hurdles Nigerians are currently facing. Get insights on how the Federal Government is tackling poverty and economic instability with this vital initiative. Stay tuned for more updates and in-depth analysis
Dear Voice of Nigeria Readers,
On November 22, 2023, important updates have emerged regarding the Federal Government’s Cash Transfer Program. A recent World Bank report emphasizes the significance of cash transfers in safeguarding Nigerians from persistent poverty, especially given the current inflation and economic challenges. The report indicates a potential rise in poverty levels in Nigeria, but points out that these cash transfers could offer temporary relief.
The current economic scenario in Nigeria is quite concerning, with over 37% of the population living on less than $2.17 a day and 70% earning below $3.65 a day. The World Bank expresses apprehension about Nigeria’s economic stability, influenced by several factors such as the decline in oil production, global economic issues, and regional instability.
In response to this situation, President Bola Tinubu initiated a scheme that provides N25,000 to 15 million households for a three-month period. This initiative is part of a larger $800 million project, with the World Bank contributing $299.99 million. However, there are worries about the effectiveness of this program as it currently reaches less than 1% of Nigerians, mainly due to the requirement of having a National Identity Number.
The Federal Ministry of Humanitarian Affairs and Poverty Alleviation is overseeing this significant project. In conclusion, the article underscores the necessity for ongoing reforms and addressing fundamental structural issues, as recommended by the World Bank.
The CBN has started transferring money to the bank accounts of 15 million families under the CCT programme.
Cash Transfer Starts But These People Will Not Get Money
However, some families won’t be receiving this support due to government disqualification.
Discover why and get more details in this post
In a significant policy update, the Government has decided that individuals must possess both a National Identification Number (NIN) and a Bank Verification Number (BVN) to qualify for cash transfers. It’s crucial to stay informed about this recent development
Changes to the List
The government wants to help many people with money. But they have to make sure the right people get help. So they are updating their list of people who will get money.
- New Additions: People who are retired and those who were in the army before will now get money.
- Removals: Some people have more money now and don’t need help. They will be taken off the list. Also, if someone has passed away, they will be removed. If you don’t have NIN or BVN, you won’t get money.
How Will the Payment Work?
Olanrewaju clarified the timeline for the cash transfer scheme.
People won’t get money through other companies. It has been confirmed that payments will be directly disbursed to beneficiaries by the Central Bank of Nigeria, eliminating the need for consultants. The first big payment will commence next week, serving five million households.
Why is the Government Doing This?
The government has a big plan. They want to help people who don’t have a lot of money. This will make their life better and also help the country’s economy. The president has given N25,000 to 15 million families for three months. This is to help them because fuel is now more expensive.
What People Say
The Special Adviser on Media, Rasheed Olanrewaju, said they have changed the list. Now, more people who need help are on it.
Jamaldeen Kabir, from the National Social Investment Programme Agency, agreed. He said that they want to make sure they help the right people.
When Will People Get Money?
Some people have already got messages saying they will get money. Most people will start getting money next week. By the end of this month, 5 million families will get help.
Making Sure Everything is Right
The government wants to make sure there are no mistakes. They are checking the list very carefully. They want to know if people are still poor or if they have more money now. They are also removing names of people who have passed away.
Important Link: CCT Codes to Check Status
FAQs CCT NEWS
A1: The National Social Register is being reviewed and expanded to include pensioners and ex-servicemen. Beneficiaries who have exited the poverty line and deceased beneficiaries are being removed. Individuals without National Identification Numbers (NIN) and Bank Verification Numbers (BVN) will be disqualified.
A2: Payments will be made directly to the beneficiaries by the Central Bank of Nigeria (CBN), bypassing consultants.
A3: The Conditional Cash Transfer scheme is a part of the National Social Investment Programme, which aims to transform the lives of Nigerians living in extreme poverty, elevate their living standards, and enhance the economy. The recent disbursement of N25,000 to 15 million households for three months acts as a social safety net intervention to mitigate the effects of the fuel subsidy removal and to help eliminate poverty across Nigeria.
A4: Several measures are in place to ensure the scheme’s credibility. These include the introduction of the NIN and BVN, matching these with in-person verification and biometrics. The transfer process is direct from the CBN to beneficiaries, eliminating middlemen. Names of dead recipients and those who no longer fit the poverty category are being removed, and the final figure of such removals will be available in the coming weeks.
Final Words
This new cash transfer plan is very big. The government is working hard to make sure poor people get help. They hope this will make their life better and also help the country. Everyone is waiting to see how this will go.
