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FG gives N10,000 to 1.6m household every two months

President Muhammadu Buhari on Tuesday said 1.6 million poor and vulnerable households, comprising more than 8 million individuals, are currently benefiting from the Conditional Cash Transfer program.

The president restated that the transfer program pays a bi-monthly stipend of N10, 000 per household.

He added that N300 billion has been disbursed to farmers.

Speaking virtually at the opening ceremony of the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria, the President said the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from 7 million poor and vulnerable households identified.

He therefore urged bankers to play a stronger role in improving livelihoods.

According to Buhari, Nigeria’s National Social Investment Programme was the biggest in Sub-Sahara Africa and one of the largest in the world.

The president added that some 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.’’

Read also: Crown Interactive offers N400m grant to Nigerian manufacturers

According to a statement signed by Femi Adesina, special adviser to the President on media and publicity, the president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from Covid-19.

“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference” he said.

“I commend the financial services industry for its interventions and contributions towards the promotion of financial inclusion and literacy in our country. And more importantly, the roles played by the banks in fostering economic growth of the country.

“I am confident that the speakers that have been carefully selected to contribute to the conference will share insights that will help individuals, businesses and governments at all levels make necessary adjustments and take the right steps towards our collective resolve to position Nigeria as one of the top economies in the world,’’ he added.

The President said a report from the National Bureau of Statistics revealed that Nigeria’s Gross Domestic Product grew 5.01 per cent in the second quarter of 2021; the strongest rise since the fourth quarter of 2014.

“This is cheery news and an indication that the efforts of this administration at repositioning the economy is paying off.

He said, urging bankers and financial institutions to leverage on the abundant business opportunities to grow the economy.

President Buhari implored financial institutions to play a stronger role in making sure the Nigerian Small and Medium Enterprises were fit for purpose, with support in full implementation of “Agreement”.

The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.

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