The scheme aimed to transfer ₦8,000 to 12 million Nigerian households over a six-month period to alleviate the impact of the petrol subsidy removal. However, the proposal faced widespread outrage, leading the president to order a review of the plan.
In an interview with ARISE Television, Governor Sani voiced concerns about the lack of certainty regarding an accurate and updated database of the Nigerian people who would benefit from the cash transfer scheme.
He stated, "My position has always been that, at this critical time, cash transfer should not be something that we should bring up. I think that cash transfer for me, in my opinion, is a scam. Completely it's a scam. I can be very certain about that, because who are you transferring the money to?"
As the Chairman of the Committee of Banking in Nigeria for four years, overseeing the Central Bank and all commercial sectors of the economy, Governor Sani emphasised the importance of credible data.
He pointed out that about 70 to 75 per cent of the rural population in the North West region of Nigeria is financially excluded. "These people we are talking about are important people in the society. They do not even have a bank account, so who are you transferring the money to?" he questioned.
Governor Sani raised concerns about the outdated social register, citing the North West region as a case study where approximately 70% of the rural population was not captured in 2019 due to insecurity.
He defended the National Executive Council's (NEC) position, stating that the social register lacked credibility and required updating. "In my opinion, what we said was that the social register should be updated.
If you are aware, some of the names were put together as far back as 2019. And of course, nothing is constant," he added.
The governor emphasised the need to address the issue of financially excluded individuals, particularly in the North West region, and to ensure their inclusion in the financial system before implementing any cash transfer program.
His remarks highlight the importance of accurate and up-to-date data to ensure effective and meaningful support to those in need.