FG’s ₦5,000 Cash Transfer Had “Little Impact” – World Bank.

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The world bank has said the federal government’s ₦5,000 cash transfer scheme had little impact on household consumption and financial inclusion.

Officials of the bank revealed this in its latest report, titled, ‘beta don come: effects of cash transfers on women and households in Nigeria’.

According to the report, the intervention also had a limited impact on employment, especially for women.

The report, however, suggested that there is a need for a complementary livelihood to support the intervention to generate sustainable improvements in households’ self-sufficiency.

“Program participation improved several dimensions of households’ and women’s welfare over time.”

“Households in communities that entered the program earlier experience larger increases in household savings and food security, along with increased access to farmland and livestock ownership, compared to similar households in communities that entered the program later.

“We also find improvements in caregivers’ self-reported happiness, decision-making autonomy over how to spend their own income, and freedom of movement.

“Positive impacts appear to primarily result from the saving mobilisation component of the program.
“Households are substantially more likely to save the longer they have been receiving cash transfers and to switch away from exclusively using cash for household consumption.

“However, in contrast to these strong positive impacts, we do not find any statistically significant effects on overall household consumption or on caregivers’ employment and financial inclusion.”

The World Bank also said despite the efficacy of the CCT programme, there is no evidence of “the impacts of participating in the program at all”.

“We find positive effects on households’ saving, food security, and economic activity along with increased caregivers’ decision-making autonomy and physical mobility associated with participating in the project for longer periods of time,” the report read.

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