FG, World Bank Extends Cash Transfer Initiative – Official

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The Federal Government, through its Ministry of Humanitarian Affairs, Disaster Management and Social Development, said it has agreed with the World Bank to extend the years of the Conditional Cash Transfer (CCT) Program.

Mr. Apera Iorwa, National Coordinator, National Social Safety Nets Coordination Office (NASSCO), Ministry of Humanitarian Affairs, Disaster Management and Social Development, released this Thursday in Lagos.

This was during the World Bank Support Mission on the National Social Safety Net Project (NASSP) Implementation and Stakeholder Engagement in Lagos State.

Iorwa said the CCT scheme has been designed to benefit poor and vulnerable households with a monthly stipend of N5,000.

He said the scheme was due to end on June 30 but needed to be extended to accommodate more needy households.

“A lot of it is attributed to the success of the program in the first place. We aimed to identify four million households, today we have identified 11 million households, made up of approximately 46 million people, which is the most comprehensive database of people in our country.

“Second, the program has been accepted, especially Lagos State, which has not only accepted the program, but established it as a department.

“Now that has created a certain level of confidence and belief in the ability of the program. The federal government approached the World Bank due to economic crises caused by the cost of living and high rates of inflation to extend this cash transfer.

“It has grown from two million to 10.2 million, or 8.2 million more families, for Lagos State, we are expanding it from just 10,000 to 295,000 poor and vulnerable households,” the coordinator said. national.

The Commissioner for Jobs and Wealth Creation of Lagos State, Mrs. Yetunde Arobieke, said that although the cash transfer scheme has been ongoing ever since, it was only under the administration of the Governor Babajide Sanwo-Olu that the state was able to participate.

Arobieke said it would therefore be unfair not to cover all local governments, hence the need to continue the program.

“I am happy to reveal that these fortnightly stipends for 10,985 recipients in Lagos State have had a great impact on them.

“It smoothed household consumption, improved school enrollment and attendance, encouraged the acquisition of formal goods and assets, as well as group formation and savings,” he said.

The commissioner urged recipients not to use the allowances for frivolous things, but rather to improve the lot of their families.

Mr. Olujumi Ige, Permanent Secretary of the Ministry of Wealth Creation and Employment, said beneficiaries were sensitized on ways to use the money and some of them had even opened savings accounts. between them.

“I’m sure they now have about 5 million naira in savings, which they can recover, as well as form cooperatives for themselves.

“The economic benefit to the state is also huge as we see that there will be a multiplier effect of this money on the economy of Lagos State.”

One of the beneficiaries, Mr. Oladipupo Kayode, from Epe, said that the program had been very useful, as it had helped to give hope to those most in need.

“So far it’s been a good program because many have already given up hope, especially during the lockdown, but along the way the program came out.”

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