FG to Pay N8000 Monthly to 12 Million Poor Nigerians – See How to Benefit Here
Following the approval of the $800 Million World Bank subsidy loan by the 10th Senate on Thursday 13th July, the Tinubu led Federal government of Nigeria has concluded plans to make a digital transfer of N8000 (Eight Thousand Naira) to over 12 million low-income earners in Nigeria to help soften the effect of subsidy removal which has resulted in tripling the price of commodities in the country in past few weeks.
Read also: Rapid Response Register (RRR) USSD Codes For All States and LGA
Purpose of the 800 Million Dollars Loan
- The loan would be used to scale up the National Social Safety Net Programme(this programme was launched in 2016 by the Buhari led government with the objective of providing access to targeted cash transfers to poor and vulnerable households under an expanded social safety nets system).
- To expand coverage of shock-responsive safety net support among the poor and vulnerable Nigerians. This will assist the poor in coping with basic needs.
According to available information on the NASSCO section of the NSIP website, as of September 30th, 2022, the number of PVHHs(Poor and Vonorable House Holds) stands at 12,828,135 and 52,838,729 individuals covering 128,249 communities, across 8,000 wards, in 737 LGAs of 36 states and the FCT. Part of this data was collected during the covid-19 conditional cash transfer program and the Rapid Response Register (RRR) program.
What is NASSCO?
The National Social Safety-Net Coordinating Office (NASSCO) was established in 2016 by the Government of Nigeria in partnership with the World Bank to strengthen social safety nets and social protection systems in Nigeria as a core strategy to help end extreme poverty and to promote shared prosperity. The main purpose of NASSCO is to lay a strong foundation of rigorous and reliable evidence of poor and vulnerable households in Nigeria, by building a National Social Register (NSR), as well as coordinating, refining, and integrating the social safety-net programs into social protection systems, while ensuring policy coherence.
Read also: Nigeria Loans – Top Loans in Nigeria Today
How Will The 8000 Naira Monthly Cash Transfer Programme Work?
Under this programme, poor households who are already in the NASSCO database mentioned above and other new intending beneficiaries may be required to register through a dedicated portal(which might be the same as the previous portal or a new one or USSD code), after successful signup, 12 million beneficiaries will receive the sum of 8,000 Naira monthly for a period of 6 months.
Requirements for FG 8,000 Monthly Cash Transfer | FG to Pay N8000 Monthly
Based on the structuring of the program and experience in the last program, the following will most likely be required;
- You must be a citizen of Nigeria
- An active account number with any bank in Nigeria
- NIN
- A working phone
- A valid email address(for those who wish to apply online)
- Knowing your state and LGA code(If USSD is used)
When Will the 8,000 Naira Monthly Cash Transfer Start? | FG to Pay N8000 Monthly
Although nothing has been said about the exact commencement date, there is a high chance of the process commencing before the end of July or the first week of August.
Note: in order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets. So make sure to have an active account or mobile money wallet if you wish to benefit.
Thank you for reading this post, sharing is caring, please do share this post with your friends, and don’t forget to like us on Facebook, Twitter, Instagram, YouTube, and other social network channels for regular updates.