The Federal Government of Nigeria has officially commenced the transfer of ₦15 million to vulnerable households across the country as part of a broader initiative aimed at boosting economic inclusion.
This move is intended to increase access to financial support for Nigerians and enhance the economic inclusion of disadvantaged groups. To ensure efficient distribution, the government has set up a task force that includes representatives from various government agencies, financial institutions, and academic bodies.
The task force aims to address the delays in distributing conditional cash transfers to 15 million households. During the Presidential Committee on Economic and Financial Inclusion’s first meeting on Wednesday, Senator Ibrahim Hadejia, Deputy Chief of Staff to the President, emphasized the importance of involving stakeholders to improve the initiative. He also stressed the need for better access to banking, credit, and digital platforms.
The World Bank Spring Meetings highlighted India’s success in using financial inclusion to reduce poverty, and Nigeria is now looking to emulate this model.
Further updates to follow.
