Joel Osaigbovo Aluge Reporting
The Federal Government of Nigeria is planning a new cash transfer scheme aimed at benefiting 75 million Nigerians. This initiative is part of the government’s efforts to alleviate poverty and provide financial support to a significant portion of the population. The specifics of how the scheme will be implemented, including eligibility criteria and the amount of money to be transferred, are yet to be detailed. The program is expected to boost economic stability and support vulnerable citizens.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced the new cash transfer scheme for 75 million Nigerians during a ministerial sectoral briefing. This briefing was held to mark the first year in office of President Bola Tinubu’s administration in Abuja. The initiative is part of the government’s broader efforts to tackle poverty and improve economic conditions for a substantial segment of the population.
Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr. President’s reform programme. Immediately upon assuming office, Mr. President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr. President is committed to counterbalancing the negative effects with interventions across the social spectrum. This includes the restarted social investment program, direct payments to 75 million Nigerians, improved access to credit, and grants for nano industries.”
The government has restarted the social investment program, which includes providing direct payments to 75 million Nigerians across 50 million households. As part of this initiative, access to credit has been enhanced with an allocation of N1 billion for consumer credit. Additionally, grants of 50,000 Naira are being distributed to 1 million nano industries to support small-scale businesses and stimulate economic growth.
He stated, “Food security is a worldwide issue, affecting 30 percent of the world’s active population, and Nigeria is no exception. As I mentioned earlier, agriculture is critical, and success in this area is crucial. Efforts are being redoubled, with N200 billion provided by the Ministry of Finance towards an intervention program.”
Edun also revealed that the government was set to roll out an Economic Emergency Plan that would be implemented in the next six months. The plan, he explained, would help stabilize the economy and set the country on the path of growth.
He explained, “A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably. The government has played a role in helping states attract cheap funding and process projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s ratings to positive.”
The minister stated that the federal government had initiated direct payments to contractors, suppliers, and vendors engaged by the government, evidently aiming to curb corruption in business dealings.