The World Bank has faulted the Federal Government’s conditional cash transfer programme, stating that the initiative failed to reach millions of Nigerians in need of urgent economic relief, as only 37 per cent of the targeted households had so far benefited from the scheme.

It said the scheme launched in 2023 after the abrupt removal of fuel subsidy and unification of the foreign exchange market by the current administration, only reached 5.6 million households out of the planned 15 million, two years after the launch.

The global lender disclosed this in its latest Nigeria Development Update report titled “Building Momentum for Inclusive Growth”, released in Abuja.

The World Bank had approved a loan of $800m for the programme.

According to the report, a combination of surging inflation and sluggish economic growth has pushed an additional 40 million Nigerians into poverty since 2019, raising the poverty headcount to 46 per cent of the population.

“Successive years of rising inflation and sluggish growth have increased poverty and hardship levels. Since 2018/19, an additional 40 million people fell into poverty, and nearly half of all Nigerians (46 per cent) are estimated to have been living in poverty in 2024.

“Labour incomes have not kept up with inflation, depleting the purchasing power of Nigerians. Poverty has deepened and broadened, especially among urban Nigerians,” the report stated.

In response to the deepening hardship, the Federal Government had launched a temporary cash transfer programme aimed at supporting 15 million vulnerable households.

But the World Bank said the roll-out has been slow and inadequate. It stressed that efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded.

“Only 5.6 million households—around 37 per cent—have received at least one tranche of direct transfers. Further expansion of the programme remains dependent on biometrically verifying at least one adult member of the household with a foundational digital identity. Also, efforts to urgently provide support to the poorest and most economically at-risk households should be redoubled and expanded,” the bank noted.

It warned that unless urgent efforts are made to scale up support, millions of poor and economically insecure Nigerians risk being left behind amid rising living costs and eroding incomes.

The bank advised the Federal Government to urgently improve its social protection framework, accelerate cash transfer distribution, and reallocate a portion of its recent revenue gains to targeted social programmes.

The report added, “Alongside macroeconomic reforms and emergency cash support, stronger growth and a robust social protection framework are essential to promote productive livelihoods.

“Leveraging early dividends from macroeconomic reforms, Nigeria’s social protection system should be structurally strengthened, with a focus on providing the foundation for human capital investments, promoting economic inclusion, building resilience, and breaking the inter-generational cycle of poverty.

“This needs to be complemented by growth-oriented reforms and higher, more efficient investments in public services, especially in health, education, and infrastructure.

“With more than half of the population below the poverty line, poor and economically insecure households need assistance to regain economic agency and cope with shocks.”

It recommended the creation of up-to-date social registries with verified digital identities as the foundation for targeting pro-poor initiatives. Beyond emergency interventions, the Bank stressed the need for structural reforms and investments in public services to ensure long-term poverty reduction.

“Leveraging early dividends from macroeconomic reforms, Nigeria’s social protection system should be structurally strengthened with a focus on promoting economic inclusion, building resilience, and breaking the inter-generational cycle of poverty,” it said.

The report also called for increased and more efficient investments in critical sectors such as health, education, and infrastructure, to support inclusive and sustainable economic growth.

Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) on Tuesday inaugurated an innovative digital gateway allows Nigerians in the diaspora to obtain a Bank Verification Number (BVN), remotely without the need for a physical presence in Nigeria in Abuja.

The initiative, tagged Non-Resident Bank Verification Number (NRBVN) platform was described as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens, according to Mr Yemi Cardoso, CBN Governor.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements. Nigeria: Nigerian fashion

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” he said.

“It is not the final destination, but it is the beginning of a broader journey.

“Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,” he said.

He said that remittance flows through formal channels increased from 3.3 billion dollars in 2023 to 4.73 billion dollars in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

According to him, with the NRBVN in place, the CBN is optimistic about reaching its one billion dollars monthly remittance target.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

“This platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,” he said.

Cardoso also reiterated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

In his remarks, Muhammad Abdullahi, CBN’s Deputy Governor, Economic Policy Directorate, said that the NRBVN stood as a transformative tool, meticulously designed to enhance the banking experience for our diaspora community.

Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances. Nigeria: Nigerian fashion

” It is our firm belief that this initiative will not only strengthen economic ties, it will also foster a sense of pride and belonging among Nigerians worldwide, encouraging them to play an even greater role in our nation’s development,” he said.

The event also featured a presentation by Mr Premier Oiwoh, managing director of NIBSS, and a panel discussion with key industry stakeholders.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.

Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

President Bola Tinubu has reiterated his commitment in undertaking bold and comprehensive reforms to reposition the country’s fiscal architecture for resilience, inclusiveness and economic growth.

Tinubu said this during the 27th Annual Chartered Institute of Taxation of Nigeria (CITN) Tax Conference in Abuja on Tuesday.

The theme of the conference was ‘Taxation for development, policies, law and implementation.’

Tinubu, who was represented by the Minister of State for finance, Dr Doris Uzoka-Anite, said that the central pillar of the reforms was taxation.

”I believe that a robust, transparent and fair tax system is essential not only for financing government operations but also for creating an environment of accountability, stability and long-term development.

”Accordingly, the government has taken deliberate steps to restructure and modernise our tax administration and legal framework.

”In this regard, the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms marked a significant turning point,” the president said.

According to him, the committee was tasked to simplify the tax system, broaden the tax base, curb leakages and ensure alignment between fiscal policy and national development objectives.

“Members of the committee worked tirelessly to achieve their mandates, which include addressing issues of multiplicity of taxes and improving coordination between the federal, state and local government tax authorities.

“The Federal Government also pushed forward with the Economy Stabilisation Bill, which has now also been passed,” he said.

He said that the success of any reform depended on implementation, adding that the conference presented an opportunity for all stakeholders to explore how policies and laws can be translated into practical and measurable outcomes.

“This is also an occasion to discuss solutions to long-standing issues such as taxation, informal sector integration, fiscal federalism and equity in taxation.

“As tax professionals and policy makers, you are the custodians of Nigeria’s tax future. I, therefore, urge you to leverage this platform to engage meaningfully, challenge assumptions and craft pathways that will strengthen our tax institutions, boost revenue and ultimately improve the lives of Nigerians,” Tinubu said.

Vice-President Kashim Shettima said that the theme was an evidence that the CITN acknowledges the centrality of government revenue generation in the achievement of growth and development for any country.

Shettima was represented by the Special Adviser to the President on Economic Affairs under the Office of the VP, Dr Tope Fasua.

He said that the focus on the tax aspect of revenue conferred a dual responsibility on the taxpayer and the tax administrator (government).

“Taxation is crucial to the achievement of economic development.

“We hope to listen to ideas at this conference around how to ensure that a stakeholder’s view is taken right from the policy enactment stage up to the point of implementation.

“This is bearing in mind that taxation is a continuous affair, and legitimacy is conferred by the delivery of service to taxpayers.

”The need for a stakeholder point of view is why the Presidential Committee of Fiscal Policy and Tax Reforms is made up of professionals from diverse walks of life,” he said.

The 16th President of the CITN Council, Mr Samuel Agbeluyi, said that tax was an important factor in every economy.

Agbeluyi said that taxation was not merely a tool for revenue generation but a powerful instrument for promoting equity, redistributing wealth, incentivising growth and funding public services.

“However, for taxation to truly serve these developmental goals, policy formulation, legal framework and implementation mechanisms must be harmoniously aligned.

“When policy is progressive, the law is enabling and implementation is both efficient and equitable.

“The result is a tax system that engenders trust, encourages voluntary compliance and delivers shared prosperity,” Agbeluyi said.

He said that Nigeria faced significant challenges from economy to security and social dimensions, adding that there was a dire need for sustainable solutions.

“At the heart of these solutions lies our tax system. In this regard, one cannot overlook the commendable effort by the Tinubu-led administration.

“The work of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable socio-economic development through effective and efficient taxation system,” he said.