ABUJA, NIGERIA — The World Bank has sharply criticized the Federal Government’s Conditional Cash Transfer programme, revealing that it failed to reach the majority of its intended beneficiaries — despite being backed by an $800 million loan. Launched in 2023 under President Bola Tinubu in response to rising economic hardship following fuel subsidy removal and FX unification, the scheme aimed to deliver N75,000 to 15 million vulnerable households over three months.
But in a damning revelation, the World Bank disclosed that only 5.6 million households were reached, and just 37% received even a single tranche of payment. Critics say the scheme, inherited from former President Buhari, was doomed from the start due to a deeply flawed “social register” and systemic corruption. Between 2016 and 2020, the Buhari administration reportedly spent N619 billion (or as much as N2 trillion, per the National Assembly) on similar initiatives.
“These cash transfers have come to be seen as a way to funnel public funds to political allies,” observers warn, citing ongoing investigations into missing funds — including the N37.1 billion scandal involving former Humanitarian Minister Sadiya Umar Farouk and NSIPA chief Halima Shehu.
Analysts argue the $800 million IMF loan would have been better used to revive small businesses, support farmers, or invest in infrastructure, rather than pouring it into what some now call a “corruption-prone palliative.” “It is better to teach people how to fish than to give them fish,” a growing number of critics say, urging an end to cash handouts and a pivot toward more sustainable economic support.
