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FG Plans Direct Cash Aid For 20 Million Low-Income Nigerians – Details

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1 month ago

Oct 16, 2024.

The Federal Government has unveiled plans to roll out cash transfers aimed at supporting 20 million of Nigeria’s poorest citizens as part of its broader social intervention program.

The initiative, designed to alleviate poverty and improve living conditions, is a key component of the government’s strategy to address the economic challenges facing the country while also stimulating growth across key sectors such as agriculture, manufacturing, and oil.

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EKO HOT BLOG reports that Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, emphasized that the increase in Nigeria’s revenue recorded in the 2024 fiscal year is being strategically allocated to various social intervention programs.

He noted that the social investment program targets the poorest 60 percent of the population, directly impacting the lives of millions.

At a panel session titled “Fiscal Reforms for a More Secure Future” during the 30th Nigeria Economic Summit in Abuja, Edun revealed a comprehensive agenda for economic reform. This agenda aims to reduce inflation, create jobs, and stimulate growth in key sectors of the economy.

He highlighted the government’s revenue for the first half of 2024, which exceeded N9.1 trillion—more than double the N4.06 trillion generated during the same period in 2023.

Edun stated that the increased revenue is primarily being used to finance social programs that mitigate the impact of essential reforms that have affected the cost of living.

He explained that domestic resource mobilization has been a significant focus for the government, utilizing technology to reform civil service operations and enhance compliance across ministries, departments, and agencies.

FG Plans Direct Cash Aid for 20 Million Low-Income Nigerians – Details

The minister noted that cash transfers have already reached 4 million households, with plans to extend support to 20 million households in the near future.

He reaffirmed the government’s commitment to ensuring that direct transfers reach those most in need, helping to alleviate the economic pressures faced by vulnerable citizens.

In addition to cash transfers, Edun emphasized the government’s focus on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.

He asserted that increasing food production will be essential in reducing inflation and making essential goods more affordable for Nigerians.