The federal government has confirmed commencement of N50, 000 monthly cash relief payment to vulnerable households in the country.
The money is to cushion the impact of rising living costs, the Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro has said.
The Minister supplied details of the monthly cash relief payment, in a statement issued on Friday in Abuja.
The succour which comes through the National Emergency Relief and Stabilisation Intervention (NERSI) is a presidential initiative designed to provide immediate financial assistance to millions of vulnerable Nigerians.
He stated that the intervention was introduced in response to global food inflation and rising cost of essential goods, which continue to place pressure on households.
“Under this intervention, eligible beneficiaries will receive N50,000 monthly, providing direct assistance to help meet essential needs and ease the burden of living costs,” he said.
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The minister explained that the programme would be reviewed regularly in response to changes in the cost of living, with beneficiaries notified directly before any adjustment.
He said the ministry was working with licensed digital financial service providers to ensure secure, prompt and transparent delivery of the funds.
According to him, beneficiaries will receive text messages from the providers requesting their consent before payments are made directly into their bank accounts or mobile wallets.
Doro stressed that beneficiaries would not need to apply, pay any fee or register through agents to access the intervention. He warned Nigerians against fraudsters, advising beneficiaries not to disclose their personal identification numbers (PINs) or Bank Verification Numbers (BVNs) to anyone.
Current High Cost Of Living Indices
The Eagle Newsmedia reports an increase in the cost of living in Nigeria in the recent.
Current Market Prices & Household Costs.
The high cost of living is coming on the back of major economic reforms implemented by the President Bola Ahmed Tinubu administration, especially the removal of subsidy on petrol and the floating of the national currency, the Naira.
Nigeria is an oil-dependent economy and a marginal increase in the price of oil leaves far-reaching consequences on prices of other items and services.
Major Cost Drivers
• Fuel & Energy: ₦1,270 to over ₦1,500 per liter.
Cooking gas: ₦1,700 per kg
. Electricity tariffs (Band A) ₦250/kWh.
• Kitchen & Food Staples: A crate of eggs ₦7,500
• Loaf of bread: Btw N1, 500 & ₦2,000
• A bag of cement: ₦12,000.
• Basket of household groceries: ₦147,050.
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Cost Of Accommodation
• Victoria Island, Ikoyi, Lekki Phase 1:
• 1-Bedroom: ₦2,000,000 – ₦7,500,000+ per year
• Larger/Luxury Apartments & Duplexes: ₦8,000,000 – ₦20,000,000+ per year
• Central Mainland & Suburbs (Ikeja, Yaba, Gbagada, Surulere):
• 1-Bedroom: ₦1,000,000 – ₦3,500,000 per year
• Outer Mainland / Developing Areas (Alimosho, Badagry, Agege, Ikorodu):
• 1-Bedroom / Self-Contain / Mini-Flats: ₦350,000 – ₦900,000 per year
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