Headline

99.9% Households Yet To Receive FG’s Cash Transfer – W’Bank

Published

2 years ago

December 17, 2023

The World Bank has reported that approximately 99.9% of targeted poor and vulnerable households are yet to receive the Federal Government’s recently announced N25,000 per month cash handout.

According to The Times, data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, was presented last week in Abuja during the Nigeria Development Update, December 2023 edition.

The Federal Government intends to provide cash transfers to low-income households, paying N25,000 per month for three months, according to his presentation material.

President Bola Tinubu introduced the Conditional Cash Transfer Program on October 17, 2023, with funding support of $800 million from the World Bank.

This program intends to assist 15 million Nigerian households that make less than N75,000 per month and are considered poor, near-poor, or vulnerable.

However, Sienaert revealed that the program is anticipated to reach 5 million households by the end of December, with 1.5 million households having received money thus far.

“Merely 0.1% of the anticipated families have received payment, as only 1.5 million of the targeted 15 million households have been paid for.”

This indicates that even with the extreme poverty in the country, 99.9% of the targets have not received their monthly N25,000 cash transfers.

Nigeria’s poor and vulnerable have been disproportionately affected by the removal of fuel subsidies and other recent policies, despite the fact that they would substantially gain from a monthly cash transfer system that the Federal Government intends to fund with the World Bank loan.

Less than 1% of the poor and vulnerable individuals may not be eligible for the Federal Government’s cash distribution program, according to information previously released by the World Bank,.

Twenty percent of people possessing a valid national ID number from the National Identity Management Commission (NIMC) were supposed to be registered in the National Social Registry by June 30, 2022.

But as of December 31, 2022, just 0.10 percent of Nigerians listed as completely impoverished and vulnerable possessed a NIN.

This indicates that roughly only 9,670 of the 9.67 million (9,666,420) project beneficiaries are NIN holders.

In his presentation, the World Bank Lead Economist for Nigeria emphasized the part that NIN plays in the cash distribution program.

“To increase the use and coverage of the national identity number, beneficiaries will be encouraged to enrol for the NIN during the verification process.”

Therefore, it should come as no surprise that the Central Bank of Nigeria recently declared that, as of April 2024, all bank accounts that do not have a BVN and NIN will be set to “Post no Debit.”

Additionally, the apex bank declared that every BVN or NIN linked to and/or connected to accounts or wallets must be electronically revalidated by January 31, 2024.

The CBN claimed that this action is an effort to support national financial stability.

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

38 minutes ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

1 hour ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

1 hour ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.