Nigeria:Introduces $16.4 monthly stipend for poor

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One million poor and vulnerable Nigerians have started receiving a monthly stipend of $16.4 (N5,000) expected to cushion them economically.

The social security programme dubbed Conditional Cash Transfer (CCT) is part of the governing party’s election campaign pledge to create a safety net for the poorest section of society.

The government says payments started last week in nine out of 36 of the country’s states.

The initiative also includes payment of $98.4 (N30,000) stipend to graduates employed under the N-Power programme and disbursement of $3,400 (N1.2 million) as soft loan on the platform of micro credit scheme.

Beneficiaries of the Conditional Cash Transfer would be picked from the Social Register, initially developed by eight States with assistance from the World Bank.

Earlier, concerns were raised over the criteria the criteria to choose beneficiaries.

Nigeria is struggling with an economic recession, making it hard for several families to cope financially.

By MOHAMMED MOMOH

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