BREAKING: FG To Resume Direct Cash Transfers to 12 Million Households

Acknowledging the severe challenges faced by millions of Nigerians, the federal government is poised to expand its direct cash transfer program to include the poorest and most vulnerable citizens.

Currently, about 3 million people benefit from these initiatives. However, due to the increasing cost of living, the government estimates that an additional 12 million households could qualify for this assistance.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced this plan during the Ministry’s retreat in Uyo, Akwa-Ibom state, on Wednesday, February 21.

Edun explained, “The presidential panel on social investment programs has recommended to Mr. President to restart direct payments to the poorest and most vulnerable. Everything is being done to alleviate their suffering.”

He emphasized that the expansion of the direct cash transfer program aims to reach more people struggling with the economic situation, providing them with much-needed funds to address their basic needs and reduce poverty.

To ensure efficient and transparent payments, the government will utilize technology, avoiding manual processes and delays.

Edun added, “We have experts in technology, and the commitment is to use it to ensure seamless payment and movement between registered and direct beneficiaries without any manual processes. The intervention is meant to happen immediately.”

Recognizing the pressing issue of food prices, the government is taking steps to increase food availability and lower costs. President Bola Tinubu has intervened by releasing 60,000 metric tonnes of food grains to stabilize food prices.

Edun defended the direct cash transfer plan, stating that evidence shows it reduces poverty by allowing recipients to address their most pressing needs.

He reiterated the government’s commitment to reducing inflation and growing the economy to create jobs and lift millions out of poverty.

Edun acknowledged that the historical reliance on “Ways and Means” financing has contributed to inflation. The government is working to reduce this debt burden through various financial and revenue-generating initiatives.

In collaboration with the Central Bank, the Ministry of Finance is employing various strategies to stabilize the Naira and tackle inflation, including managing interest and foreign exchange rates.

Edun expressed confidence, stating, “It is a battle, but it is a battle the central bank will win, a battle the government will win. That is not in doubt.”