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25 Million Nigerians Benefit from ₦25,000 Cash Transfer, 500,000 Students Get N90bn Loan – FG

The Federal Government announced on Thursday that it has provided financial relief to millions across the country.

The initiative, spearheaded by the Conditional Cash Transfer programme, has so far reached 25 million Nigerians with ₦25,000 each, the government said.

During a briefing at the State House in Abuja following a National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the administration’s commitment to cushioning the impact of rising living costs.

Edun detailed that the cash transfer scheme has directly benefited five million households across Nigeria.

The government said it was in a bid to ease the economic hardship facing Nigerians following the removal of fuel subsidies and recent policy reforms.

He said “the government understands the financial strain many Nigerians are under and is committed to supporting them through these difficult times.”.

Edun disclosed that a government-backed consumer credit scheme, introduced to bolster purchasing power, has recently disbursed ₦3.5 billion to around 11,000 beneficiaries within a span of just five days.

According to him, this initiative aims to support household expenses as citizens grapple with inflation and economic pressures.

Edun also announced that over ₦90 billion has been distributed to about 500,000 students under the government’s student loan programme.

This substantial financial aid is expected to assist students pursuing higher education by covering essential costs, ensuring that economic challenges do not hinder educational aspirations.

Meanwhile, the NEC meeting also addressed the devastating flooding that has ravaged Nigeria in recent months, claiming at least 321 lives and affecting 34 states.

Anambra State Governor, Professor Charles Soludo, who also briefed journalists, revealed that the flooding has displaced more than 1.2 million residents and destroyed over a million homes.

“The NEC is deeply saddened by this tragedy and calls for swift action to alleviate the hardships faced by affected Nigerians,” Soludo stated.

He also emphasized the severe impact on agriculture, with vast farmlands destroyed, posing a significant threat to food security in the coming months.

The NEC pledged ongoing support for flood victims and stressed the need for immediate relief efforts.

The Council is also reviewing preventive measures to reduce the risk of similar disasters in the future, calling for a collaborative approach in tackling the challenges posed by climate-related disasters.

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