News: 1 Million Nigerians to Receive N5,000 Monthly - Presidency

The Presidency has said one million poor, and vulnerable Nigerians, spread across nine states, will receive N5, 000 monthly in its Conditional Cash Transfer (CCT) and the micro-credit schemes.

The presidency disclosed that data of beneficiaries are now ready.

The payment processes for those states are at top gear, Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, said in a statement, yesterday.

Akande said significant progress in the implementation of the Social Investment Programmes of the President Muhammadu Buhari’s administration started with the commencement of the N-Power Volunteers Corps (NPVC), where 200,000 of the first batch of 500, 000 unemployed graduates being engaged to serve in their communities teaching, supporting the healthcare systems and educating farmers; as well as the Homegrown School Feeding Programme which has taken off successfully in Anambra, Osun and Kaduna states.

Speaking on the micro- credit scheme, Akande said over one million Nigerians would get small loans, at very low rates through the Bank of Industry (BOl), adding that close to 10,000 market associations and cooperatives have been registered and undergoing a vetting process for that purpose.

“The loans, ranging from N20,000, N50,000 to N100,000 would be granted with the active collaboration of such associations and cooperative across country.

“The pilot scheme will take off soon in eight states and the Federal Capital Territory.

As is the case in all social investment spending of the federal government, payment of the loans would go directly to the accounts of beneficiaries,

“Clearly, we can see that despite considerable constraints government has
faced this year, in revenue projections, Buhari’s presidency has remained faithful to its promises on social investment plans, with the full assurance that these programmes would seamlessly dovetail into the next budget cycle.”

Akande further disclosed that Focal Persons have been appointed by each state Government, to co-ordinate with Federal  Government on the Social Investment Programmes and verification exercise have been carried out with challenges reported back to the presidency.

“We are in touch with the focal persons and top officials here in the presidency are working round the clock with them to address issues developing from the states as they verify the 200,000 unemployed graduates.”

Source: Daily Sun