The Federal Government has resumed cash transfers to Nigerian households with 600,000 benefitting in the first week of resumption.
The announcement was made during the half-year review Ministerial Press Briefing themed “Economic Recovery and Growth: Progress and Prospects 2024” held in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided insights into the progress made.
Highlighting the government’s commitment to the welfare of ordinary Nigerians, Edun elaborated on the social protection initiatives.
“President Tinubu is dedicated to ensuring transparency and accountability in our social protection programs.
We have restarted the direct benefit transfer program, and this week alone, over 600,000 households have received direct transfers,” he noted.
“Our reforms have led to a projected budget deficit of 4% for the 2024 fiscal year. Despite the temporary hardships these reforms have caused, Nigerians will soon benefit from the expected outcomes.
“Our well-coordinated economic policies are beginning to yield results, such as the slowing rate of inflation growth and an increase in foreign investments compared to the same period last year.”
The Federal Government of Nigeria’s Social Investment Program includes a Direct Cash Transfer (DCT) component, designed to provide financial assistance to vulnerable households across the country.
Under this program, households receive direct cash transfers, aiming to reduce poverty and support low-income families.
The goal is to provide financial relief to those in need, particularly in rural and underserved areas, and to help improve their living standards.
Edun emphasised that reducing food prices and boosting local food production are immediate priorities for President Bola Ahmed Tinubu’s administration.
“We are fully committed to lowering food prices and providing necessary support to enhance local food production. Efforts are already underway to achieve this goal,” he said.
In a bid to enhance foreign exchange liquidity and demonstrate the resilience of Nigeria’s financial system, Edun announced plans to issue domestic USD-denominated securities worth up to US$500 million.
“This initiative aims to attract investments from Diaspora Nigerians and those with savings abroad, further bolstering our economic stability,” he explained.
Addressing the Supreme Court’s judgment on direct payments of federation allocations to Local Government Councils, Edun reiterated the government’s commitment to implementing the ruling.
“We respect the Supreme Court’s decision and are committed to ensuring that federation allocations are paid directly to Local Government Councils,” he affirmed.
Reflecting on the economic progress in the first half of 2024, Edun expressed optimism about the future.
“The Nigerian economy is indeed turning the corner. With macroeconomic stability, we are well-positioned for sustained and inclusive growth that will create jobs, lift millions out of poverty, and drive both domestic and foreign investments.
“This will significantly improve the well-being of the average Nigerian,” he concluded.
