Federal Govt’s Cash Transfer Takes Off Again, Benefits 600,000 Households

The Federal Government has resumed its direct cash transfer scheme, benefiting 600,000 households so far, according to a statement by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga.

Finance Minister and Coordinator of the Economy, Wale Edun, announced this during the half-year review Ministerial Press Briefing held on Thursday in Abuja. The briefing, themed “Economic Recovery and Growth: Progress and Prospects 2024,” highlighted the government’s commitment to economic reform and social welfare.

Edun emphasized President Bola Ahmed Tinubu’s dedication to the welfare of ordinary Nigerians and the government’s efforts to ensure transparency and accountability in its social protection initiatives. He noted that the direct cash transfer program, which had been paused to improve transparency, has resumed with over 600,000 households receiving payments this week.

The statement also outlined significant strides in economic reforms, including progress towards meeting the 2024 budget and exiting the Ways and Means borrowing mechanism. Edun highlighted a projected budget deficit of 4% for the 2024 fiscal year and acknowledged the temporary hardships caused by the reforms.

However, he assured that the coordinated economic policies are beginning to yield positive results, such as a slowdown in inflation growth and increased foreign investments.

One of the administration’s immediate priorities is to reduce food prices and support local food production to combat inflation. Edun announced plans to issue domestic USD-denominated securities up to $500 million to attract investment from the Nigerian diaspora and Nigerians with savings abroad.

He also reaffirmed the government’s commitment to implementing the Supreme Court’s judgment on direct payment of federation allocations to Local Government Councils.

Edun concluded that the Nigerian economy is on the path to recovery, with macroeconomic stability setting the stage for sustained and inclusive growth, job creation, poverty alleviation, and increased domestic and foreign investments.