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1.6m households currently receiving N5,000 from my government monthly – Buhari



President Muhammadu Buhari has announced that 8 million individuals are currently benefiting under the conditional cash transfer programme (CCT).

In addition, the president also said 1.6 million households are currently receiving a “bi-monthly stipend of N10,000″ from his government.

The CCT programme was established to benefit poor and vulnerable Nigerians with a monthly stipend of N5,000. According to the office of the vice-president N5,000 is paid monthly to the most vulnerable households in the country.

Buhari said this at the opening ceremony of the 14th annual banking and finance conference of Chartered Institute of Bankers of Nigeria (CIBN), on Tuesday.

Speaking virtually, Buhari said the national social register had 32.6 million persons from 7 million poor and vulnerable households identified and therefore implored bankers to play a role in improving livelihoods.

“From this number, 1.6 million poor and vulnerable households, comprising more than 8 million individuals, are currently benefiting from the Conditional Cash Transfer program, which pays a bi-monthly stipend of N10,000 per household,’’ he said.

According to him, the national social investment programme is the biggest in Sub-Saharan Africa and one of the largest in the world.

The president also said that more than N300 billion had been disbursed to over 3.1 million smallholder farmers under the Anchors Borrowers Programme (ABP).

“Some of the various initiatives embarked upon to boost agric trade in Nigeria include the Anchor Borrowers Programme through which the Central Bank of Nigeria had made more than 300 billion Naira available to over 3.1 million smallholder farmers of 21 different commodities including Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.

“It is on record that 80 percent of rice consumed in Nigeria is now produced locally.’

“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.

“The Central Bank of Nigeria is providing N200 Billion financing facility, with a guarantee by the Federal Government.”

Buhari further asked banking and other financial institutions to support small and medium-sized enterprises in the country.

He then commended CBN, in collaboration with the bankers’ committee, for providing single-digit financing to youths in the entertainment industry and the information technology sector through the establishment of the Creative Industry Financing Initiative.