Nigeria has a new plan.
They want to give money to families who have very little money.
Halima Shehu, the leader of NSIPA, talks about this plan.
Different Ways to Give Money
Mrs. Shehu elaborates on various financial assistance methods for those in need. The most prominent method she mentions is the “Conditional Cash Transfer” (CCT). Under this system, the government identifies individuals facing financial hardships and provides them with a monetary aid of ₦25,000
For individuals with aspirations to establish their own small-scale enterprise, an opportunity to secure a financial incentive of ₦150,000 is available. This initiative mandates participants to first undertake a comprehensive training program. Upon successful completion, they can access the funds to facilitate the inception of their venture.
Talking in the Senate
In a recent session at the Nigerian Senate—a prominent decision-making body—Mrs. Shehu provided insights into their poverty alleviation strategies. She highlighted an immediate relief of ₦5,000 for the economically disadvantaged.
Furthermore, she emphasized an advanced scheme, wherein individuals, upon proving their dedication and acquiring necessary skills, are eligible for a considerable grant of ₦150,000. This sum is earmarked for business ventures and must be deployed within a span of three years.
Money from the World Bank
The Nigerian government, in its proactive approach to counteract the negative effects of the petroleum subsidy withdrawal, has secured a considerable loan of $800 million from the esteemed World Bank.
With a vision of providing consistent relief, President Bola Tinubu is keen on continuing the commendable cash transfer program, a legacy that had its origins during the tenure of Muhammadu Buhari.
Helping 12 Million Families
In light of recent economic challenges, the incumbent government has proposed a welfare initiative. They are committed to providing a monthly stipend of ₦8,000 to an estimated 12 million families that fall within the impoverished and low-income categories.
This benevolent gesture will span six months, and to guarantee transparency, biometric techniques will be implemented for precise distribution.
How People Get the Money
The money is disbursed from the Central Bank of Nigeria directly to the bank accounts of the identified recipients. This is done through a specific payment service provider. No governmental intermediaries handle the funds, and organizations like the World Bank oversee the proceedings to ensure transparency and fairness.
In other words:
- The Central Bank of Nigeria has all the money.
- When the government wants to give money to people, it tells the Central Bank of Nigeria to do so.
- The Central Bank of Nigeria then sends the money to bank account of the beneficiary
- The World Bank watches over the whole process to make sure that everything is done fairly and honestly.
Why is it done this way?
There are a few reasons why the Nigerian government disburses money in this way. First, it helps to ensure transparency and accountability. By having the Central Bank of Nigeria and the World Bank involved, the government can be sure that the money is going to the right people and that it is being used for the intended purpose. Second, it helps to reduce corruption. By eliminating the need for governmental intermediaries, the government makes it more difficult for people to steal money or use it for their own personal gain.
Other Help Programs
In her discourse, Mrs. Shehu highlighted various initiatives. Firstly, the N-Power program, dedicated to equipping young individuals with skills for two years to assist them in job placements. Secondly, an entrepreneurial scheme provides small businesses with financial boosts ranging from ₦50,000 to ₦300,000. Lastly, an initiative focuses on ensuring public school children receive meals.
The governmental body of Nigeria is ardently embarking on several initiatives aimed at alleviating hardships for its residents. Their focal point is to judiciously distribute financial aid, emphasizing that it reaches those in dire straits.
CCT is a way the government gives ₦5,000 to families who need it.
They will get ₦150,000 after they learn new things.
Nigeria borrowed $800 million from the World Bank to help.
12 million families will get this for six months.
They use special ways and have people watching. The money goes directly from the Central Bank to the people’s accounts.
Yes, like N-Power for young people, and a program to give food to school children