Hardship: FG announces direct cash transfers to 20 million Nigerians
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that Nigeria’s significant revenue boost in 2024 is being channeled into social intervention programmes aimed at improving the living standards of the nation’s poorest citizens.
Edun stated that these programmes, which include direct cash transfers, aim to reach 20 million people, with 4 million households already receiving support.
Speaking at the 30th Nigeria Economic Summit, Edun emphasised that the government’s revenue, which doubled to over N9.1 trillion in the first half of 2024, is also being strategically allocated to address economic reforms.
These reforms include job creation, inflation reduction, and growth in key sectors such as agriculture, manufacturing, and oil.
Edun highlighted how technology-driven fiscal reforms have enhanced revenue collection, while also stressing the government’s commitment to supporting small and large businesses with grants and loans to ease production costs.
He also mentioned new investments in the oil and gas sector and ongoing efforts to stabilise Nigeria’s economy through diverse initiatives like student loans and consumer credit programmes.
The minister further noted that these interventions are crucial for reducing the cost of living and driving Nigeria’s economic recovery.
Proofreading and editing by Gift Luckson and Hafsat Aleeyu Muye, Editor and Journalist at Neptune Prime
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