Tinubu releases ₦330bn cash transfers to poor Nigerians.

The Federal Government (FG) has released ₦330 billion in cash transfers to poor and vulnerable Nigerians, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Speaking at a press briefing in Abuja on Tuesday, Edun explained that the disbursement was carried out through the National Social Safety-net Coordinating Office (NASSCO), as part of efforts to cushion the impact of ongoing economic reforms.

Targeting Poor Households Across Nigeria
Edun disclosed that about 19.7 million poor and vulnerable households, representing over 70 million individuals, are captured on the National Social Register.

He revealed that the current cash transfers, funded from a $800 million World Bank facility, are designed to support 15 million households with ₦25,000 each.

FG Disburses N330bn to 8.5m poor Households Finance Minister, Wale Edun.

The Federal Government has disbursed N330 billion in cash transfers to 8.5 million poor and vulnerable households under its renewed social protection programme.

Finance Minister Wale Edun, speaking in Abuja, said the initiative resumed after earlier delays caused by integrating biometric data with the National Identity Number (NIN). 

He noted that 8.5 million of the targeted 15 million households have received at least one tranche of the N25,000 monthly payment, with some getting up to three. Each is expected to receive three tranches, while the remaining 7 million households will be paid before year-end.

“This safety net to help people cope with rising prices is now firmly back on track,” Edun said, adding that it lays the foundation for a modern social protection system promised by President Tinubu.

Funmi Olotu, head of the National Social Safety Net Coordinating Office (NASSCO), explained that shifting to digital disbursements tied to NIN verification slowed payments but was key for transparency. “Mr President said no more traditional payments pay directly into accounts,” she said. 

Over 10.2 million NINs have been collected, with 9.6 million verified by NIMC.

She added that the programme uses the National Social Register (NSR), which holds data on over 70 million Nigerians in 19.7 million households, built with World Bank support using 40 socioeconomic indicators. “The NSR is not political. Neither the Minister nor the President can add names,” she stressed.

An executive order now mandates that all government interventions draw from the NSR. 

The conditional cash transfer scheme, launched by President Tinubu on October 17, 2023, targets 15 million households as part of efforts to cushion hardship and reduce inequality.

Otunba Bamidele Akingboye, the Social Democratic Party governorship candidate in the 2024 Ondo State election has died at the age of 60.

His Personal Assistant and Media Adviser, Oyeniyi Iwakun, confirmed that he passed away on Thursday at his residence in Victoria Garden City, Lagos. Born on April 2, 1964, Akingboye was a businessman, philanthropist & community leader.

He served as Chief Executive Officer of Benshore Maritime & Clog Oil Systems, as well as President of WeAfrica Group. He also held the traditional title of Olowomeye I of Ikaleland. He is survived by his wives, children, grandchildren & siblings. The family said burial arrangements will be announced later.

In his tribute, Ondo SDP Chairman, Ebenezer Akinbuli, described Akingboye as a visionary leader committed to service. “During his campaign, he shared his vision for a brighter Ondo State, anchored on good governance, social justice & sustainable development. His passion and leadership inspired many & his legacy will endure” Akinbuli said.

He stressed that the Federal Government has not borrowed from local banks since the beginning of the year, underscoring the impact of the improved fiscal position.

The Presidency further explained that the revenue surge has boosted allocations at the Federation Account Allocation Committee (FAAC), with disbursements to states and local governments exceeding ₦2 trillion in July for the first time in history.

This, it said, has provided subnational governments with greater resources to fund food security, infrastructure, and social services. It, however, admitted that despite the record revenue, allocations are still insufficient to meet the administration’s ambitions in education, health, and infrastructure.

Highlighting the shift away from oil dependency, the Presidency disclosed that non-oil revenues contributed ₦15.69 trillion of the total, accounting for three out of every four naira collected. While inflation and foreign exchange revaluation played a role, it said the growth was mainly reform-driven — through Customs automation, digitised filings, tighter enforcement, and expanded compliance.

BREAKING: NYSC resumed payments for arrears to corps members, marking the first disbursement since the last payment on June 3, following a two-month break.

Otunba Bamidele Akingboye, the Social Democratic Party governorship candidate in the 2024 Ondo State election has died at the age of 60.

His Personal Assistant and Media Adviser, Oyeniyi Iwakun, confirmed that he passed away on Thursday at his residence in Victoria Garden City, Lagos. Born on April 2, 1964, Akingboye was a businessman, philanthropist & community leader.

He served as Chief Executive Officer of Benshore Maritime & Clog Oil Systems, as well as President of WeAfrica Group. He also held the traditional title of Olowomeye I of Ikaleland. He is survived by his wives, children, grandchildren & siblings. The family said burial arrangements will be announced later.

In his tribute, Ondo SDP Chairman, Ebenezer Akinbuli, described Akingboye as a visionary leader committed to service. “During his campaign, he shared his vision for a brighter Ondo State, anchored on good governance, social justice & sustainable development. His passion and leadership inspired many & his legacy will endure” Akinbuli said.

He stressed that the Federal Government has not borrowed from local banks since the beginning of the year, underscoring the impact of the improved fiscal position.

The Presidency further explained that the revenue surge has boosted allocations at the Federation Account Allocation Committee (FAAC), with disbursements to states and local governments exceeding ₦2 trillion in July for the first time in history.

This, it said, has provided subnational governments with greater resources to fund food security, infrastructure, and social services. It, however, admitted that despite the record revenue, allocations are still insufficient to meet the administration’s ambitions in education, health, and infrastructure.

Highlighting the shift away from oil dependency, the Presidency disclosed that non-oil revenues contributed ₦15.69 trillion of the total, accounting for three out of every four naira collected. While inflation and foreign exchange revaluation played a role, it said the growth was mainly reform-driven — through Customs automation, digitised filings, tighter enforcement, and expanded compliance.

How Ex-Banker’s Salary Fraud Scheme Was Exposed After Years of Quiet Theft.

A former banker secretly stole millions over several years by shaving small amounts from employees’ salaries during payroll processing.

He inserted his own account number into salary schedules, ensuring clients still saw the full bulk payment leaving their accounts, which prevented suspicion.

A shocking story has surfaced online about how a former banker allegedly stole millions over several years by exploiting salary schedules without raising immediate suspicion.

According to a viral narration, the banker devised a scheme that relied on the fact that most employees rarely pay attention to the exact last digits of their salaries. When a client would send a salary schedule of, say, ₦500 million for disbursement, the banker would discreetly shave off between ₦300 and ₦900 from each employee’s pay. He would then insert an additional line with his own account number, pocketing the accumulated funds.

The scam was effective for years due to two key factors:

The client always saw the full ₦500 million deducted from their account, leaving no immediate red flags.

Employees never noticed the missing few hundreds, as most didn’t track the exact last digits of their salaries.

Month after month, the ex-banker raked in millions and lived a flamboyant lifestyle in Lagos. However, the scheme eventually unraveled, and he was caught, adding to the long list of disgraced bankers who ended up behind bars in Kirikiri Prison.

FG Claims N419bn Disbursed to Nearly 6m Nigerians, Promises Another N54bn Payout in August.

The Federal Government says it has so far disbursed N419 billion under its conditional cash transfer programme, reaching nearly six million Nigerians.

Minister of State for Humanitarian Affairs and Poverty Reduction, Tanko Sununu, disclosed this during an interview on Channels Television’s Sunrise Daily on Monday. According to him, the initiative targets vulnerable citizens captured in the National Social Register, with 71 percent of beneficiaries from the North and 29 percent from the South.

“In August, we are going to reach 2.19 million people. So far, N419 billion has been disbursed to 5.968 million Nigerians. By the end of this month, another N54 billion will be paid to 2.119 million beneficiaries,” Sununu said.

He explained that each beneficiary will receive N75,000 in total, paid in three tranches of N25,000. The minister added that the government was adopting more transparent measures in the disbursement process.

“We are moving away from anonymous transfers. Everything will be done publicly. We will release data per state, with details of the amounts and beneficiaries, and the information can be verified with the World Bank,” he noted.

Nigeria’s conditional cash transfer programme has faced criticisms in the past over poor accountability and alleged corruption.

#Fintter_news #Nigerian_news #FG #Disbursement #Funds

I Can Never Accept This - Retired Police Officer Who Served For 35 Years Cries Out After He Received N2.8m As Gratuity.

In a video making the rounds online, the aggrieved officer said he served with the Edo state police command for 35 years and retired from service in July 2024.
Retired Police Officer
A retired police officer who served for 35 years has raised an alarm after receiving just N2.8 million as his gratuity.

In a video making the rounds online, the aggrieved officer said he served with the Edo state police command for 35 years and retired from service in July 2024.

He stated that he was called in this morning to come and sign for the disbursement of the lump sum of his gratuity put at N2, 870, 451 while his pension arrears was put at N706, 915.

‘’I retired as an SP Superintendent of Police in the Edo state police command 1st July 2024. For 35 years, that is unacceptable. For 35 years I served the Nigeria police.


"It is highly unacceptable. I will not sign. The Inspector General of Police, IGP Egbetokun, should find out why my money is so small. I cannot accept. I can never accept this, This is highly unacceptable.'' he said

This comes days after some retired police officers also took to the street to protest their unpaid pension and gratuity.

BREAKING NEWS: President Bola Tinubu Approves Full Payment of Super Falcons' Allowances.

Players are Expected to Receive Disbursement Immediately

NIN database grows by 7 million in half-year 2025 as NIMC targets 95% coverage .

The National Identification Number (NIN) database being managed by the National Identity Management Commission (NIMC) grew by seven million in the first half of 2025 as the Commission races to register 95% of Nigerians by year-end.

According to the enrolment dashboard, a total of 121 million people had been issued the NIN as of June 30, 2025.

At the end of 2024, the enrolment figure stood at 114 million.

sim card
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July 1, 2025. NIMC, world Bank
NIMC to deploy Youth Corps members for NIN enrolment across Nigeria
June 25, 2025

While the database had grown by 10 million in 2024, from 104 million in December 2023 to 114 million in December 2024, the growth recorded in the first half of 2025 shows that the country is on track to surpass last year’s record.

Lagos leads with 12.9 million
The NIMC data shows that the highest cumulative enrolment figure of over 12.9 million was recorded in Lagos State.

The State has maintained the top spot since the beginning of the registration exercise alongside Kano State, which occupies the second position with 11.07 million enrolments as of June 2025.
Kaduna State displaced Ogun to occupy the third position with 7.1 million, while the latter place 4th 5.06 million enrolments.

In terms of the gender distribution of the enrollees, the NIMC data reveals that 68.4 million, representing 56.5% of Nigerians so far captured in the NIN database, are male. On the flip side, 52.9 million, representing 43.5% of the total enrollees, are female.
Fast-tracking enrollment with Youth Corps members
To meet its target of enrolling 95% of Nigerians by the end of this year, NIMC is deploying Youth Corps members to cover hitherto unreachable areas through its Ward Enrolment initiative.

“The Corps members selected are currently undergoing intensive training in preparation for the kick-off of the ward enrollment.

“Consequently, Nigerians, most especially children below the age of 16 years, are by this initiative encouraged to enrol for the NIN in their respective wards. This initiative aims to take NIN enrolment closer to the people,” NIMC said in a recent statement.

NIMC DG/CEO, Engr Abisoye Coker-Odusote, asserted that the Ward Enrollment exercise, when completed, will allow the government to know the actual number of Nigerians and make it easy to plan effectively for the citizens.

What you should know
Nigeria, through the World Bank’s Digital Identity for National Development (ID4D) project, is currently striving to register all its citizens in the NIN database.

Last year, the country missed the deadline set by the World Bank to capture at least 148 million Nigerians by June 30. This led to the extension and restructuring of the project by the World Bank
According to the Bank, the extension was necessary to guarantee the complete disbursement of the $430 million pledged for the project by the financiers.

The project is being co-financed by the French Development Agency (AFD), and the European Investment Bank (EIB).
With the restructuring of the project, the Bank said the closure has now been extended by two years to June 30, 2026.

BREAKING: EFCC Arrests Former NNPCL Executives Over Alleged $7.2 Billion Refinery Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested several former top officials of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged $7.2 billion fraud linked to the rehabilitation of Nigeria’s refineries.

Among those arrested is Umar Isa, former Chief Financial Officer of NNPCL, who reportedly oversaw the disbursement of funds for the turnaround maintenance of the Kaduna, Warri, and Port Harcourt refineries. Also in EFCC custody is Jimoh Olasunkanmi, former Managing Director of Warri Refinery.

Others under investigation include Tunde Bakare, former MD of Warri Refinery; Ahmed Dikko, and Ibrahim Onoja, both former MDs of the Port Harcourt Refinery. The EFCC is probing the group for alleged abuse of office, corruption, diversion of public funds, and kickbacks from contractors.

These arrests follow revelations by the Senate Public Accounts Committee, which recently flagged trillions of naira in unaccounted funds in NNPCL’s audited financial reports from 2017 to 2023. The committee issued 11 queries and demanded responses within a week.

The development also comes months after President Bola Tinubu dissolved the NNPCL board on April 2, 2025, citing the need to restore investor confidence, improve performance, and reform the oil sector. Mele Kyari, who led the company since 2019, was among those dismissed.

A new 11-member board has since been appointed, with Bashir Ojulari as Group CEO and Ahmadu Kida as non-executive chairman.

EFCC spokesperson Dele Oyewale has yet to issue an official statement.

FG Begins Payment of ₦44,000 Minimum Wage Arrears to Former NYSC Members

The Federal Government has officially commenced the disbursement of ₦44,000 minimum wage arrears to former members of the National Youth Service Corps (NYSC). This payment is part of efforts to settle outstanding obligations following the adjustment of the national minimum wage.

Ex-corps members who served during the period affected by the wage increment are now receiving their due compensation — a long-awaited move that has been widely applauded across social media.

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#NYSCArrears #FGPayments #MinimumWageUpdate #CorpsMembers

NYSC Commences Payment of ₦77,000 Arrears to Corps Members

The National Youth Service Corps (NYSC) has initiated the disbursement of ₦77,000 arrears to corps members, fulfilling the Federal Government’s commitment to align their allowances with the new minimum wage. 

Brigadier General Olakunle Nafiu, Director-General of NYSC, confirmed that the payment process has begun for both current and recently discharged corps members. This follows the government’s approval to increase the monthly allowance from ₦33,000 to ₦77,000, as stipulated by the National Minimum Wage (Amendment) Act 2024.  

While the commencement of payments marks a significant milestone, some former corps members have raised concerns about delays in receiving their arrears. The NYSC assures all eligible individuals that efforts are underway to ensure prompt and complete disbursement. 

This development is a positive step towards improving the welfare of corps members, enabling them to better transition into post-service life and contribute meaningfully to the nation’s growth.


#NYSCArrears
#CorpsMembersAllowance
#MinimumWageUpdate
#YouthEmpowerment

President Tinubu’s Borrowing Summary (As of May 2025)

External Borrowing

1. New Loan Request (May 2025)

President Tinubu requested approval for:
• $21.5 billion,
• €2.2 billion,
• ¥15 billion
for the 2025–2026 borrowing plan.

Estimated Naira value using approximate exchange rates:
• $1 ≈ ₦1,600
• €1 ≈ ₦1,800
• ¥1 ≈ ₦11

Converted values:
• $21.5 billion × ₦1,600 = ₦34.4 trillion
• €2.2 billion × ₦1,800 = ₦3.96 trillion
• ¥15 billion × ₦11 = ₦0.165 trillion

Total (proposed): ≈ ₦38.525 trillion

Note: This is a loan request. Approval and disbursement are pending as of May 2025.

⸻

2. $800 Million World Bank Loan (Approved July 2023)
• Purpose: To cushion fuel subsidy removal.
• ₦1.28 trillion (at ₦1,600/$)

3. $3 Billion AFREXIM Loan (August 2023)
• Secured by NNPC against future oil revenues.
• ₦4.8 trillion

4. $7.8 Billion Loan Request (November 2023)
• For infrastructure, health, education, and security under the 2022–2024 plan.
• ₦12.48 trillion

5. $6.45 Billion World Bank Loans (Reported April 2025)
• Possibly overlapping with the $800M and $7.8B above.
• Estimated value: ₦10.32 trillion

To avoid double-counting, this amount is considered part of the previously listed loans unless new information shows otherwise.

⸻

Domestic Borrowing

1. ₦20.1 Trillion in Bonds (June 2023–May 2024)
• Raised from domestic investors within the first year.
• 117% increase over the previous year.

2. ₦758 Billion Pension Bond Request (May 2025)
• To clear pension liabilities under the Contributory Pension Scheme.

3. $2 Billion FX-Denominated Domestic Bond (Requested May 2025)
• For issuance in the local market.
• ₦3.2 trillion

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Ways and Means (CBN Loans)

1. ₦7.3 Trillion Securitized Loan (December 2023)
• Added to the ₦22.7 trillion inherited from the Buhari administration.
• Tinubu’s share: ₦7.3 trillion

⸻

Total Estimated Borrowing (Confirmed and Non-Overlapping)

Category Amount (₦ Trillion)
External Loans ₦18.56 trillion
Domestic Loans ₦24.06 trillion
Ways & Means ₦7.3 trillion
Total ₦49.92 trillion

Excludes the new ₦38.53 trillion loan request to avoid double-counting.

⸻

If New ₦38.53 Trillion Loan is Approved

If the May 2025 request is added:
• ₦49.92 trillion + ₦38.53 trillion = ₦88.45 trillion

⸻

Potential Borrowing with Additional ₦45 Trillion (Hypothetical)

If an additional ₦45 trillion is requested/approved in the future:
• ₦49.92 trillion + ₦45 trillion = ₦94.92 trillion

President Tinubu could borrow up to ₦94.9 trillion within his first two years in office, depending on approvals and disbursements.#Tinubu #president