The Federal Government has begun implementing its economic and financial inclusion strategy, with plans underway to expedite conditional cash transfers to 15 million vulnerable households across the country.
As part of the effort, an inter-agency task force has been established to address bottlenecks delaying the rollout of the financial support initiative approved by President Bola Tinubu.
At the inaugural meeting of the Technical Committee of the Presidential Committee on Economic and Financial Inclusion (PreCEFI), Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), said the gathering brought together senior stakeholders from various government agencies, financial institutions, and academic circles to align on the President’s vision for inclusive economic growth.
In a statement issued by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, the committee’s Secretary, Dr. Nurudeen Abubakar Zauro, who also serves as Technical Advisor to the President on Financial Inclusion, confirmed the approval of PreCEFI’s strategic roadmap and governance framework.
“An inter-agency committee has been established to address delays in the disbursement of conditional cash transfers to 15 million households as mandated by President Tinubu,” Dr. Zauro stated.
The task force comprises key institutions including the National Identity Management Commission (NIMC), National Social Safety-Nets Coordinating Office (NASSCO), National Cash Transfer Office (NCTO), Central Bank of Nigeria (CBN), and the Nigeria Inter-Bank Settlement System (NIBSS). Their mandate is to remove administrative hurdles and fast-track the disbursement of support to Nigeria’s most economically vulnerable populations.
The committee also endorsed a plan to collaborate with state governments in adapting data from the EFInA Access to Financial Services survey—a biennial study by Enhancing Financial Innovation and Access (EFInA)—for local implementation.
“We will be presenting the report to the National Economic Council and the Nigerian Governors Forum to ensure the data is domesticated and used effectively at the subnational level,” Dr. Zauro added.
Dr. Aisha Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria, emphasized the need for tangible results that reach underserved populations. “Financial inclusion is one of the eight reform pillars of the President’s agenda,” she said.
Other entities represented at the meeting included the National Information Technology Development Agency (NITDA), Nigerian Governors’ Forum (NGF), Nigerian Communications Commission (NCC), Federal Competition and Consumer Protection Commission (FCCPC), Bank of Industry (BOI), the Gates Foundation, Ahmadu Bello University Zaria, the Egbaraden Traditional Council, IQS Africa, and Google.