FG’s direct cash transfer programme benefits 600,000 households, says Finance Minister

FG’s direct cash transfer programme benefits 600,000 households, says Finance Minister

By Fly Cable News

The Federal Government’s direct cash transfer programme has provided financial relief to over 600,000 households, according to Minister of Finance Wale Edun.

Speaking at a half-year review ministerial press briefing in Abuja on Thursday, themed “Economic Recovery and Growth: Progress and Prospects 2024,” Edun emphasized the programme’s crucial role in aiding vulnerable families and supporting economic recovery efforts.

On July 18, 2023, President Bola Tinubu ordered an immediate review of the conditional cash transfer scheme managed by the National Social Investment Programme Agency (NSIPA). Following this directive, all NSIPA-managed programs were suspended for six weeks to investigate potential misconduct within the agency and its operations.

Edun stated that the administration is “well on its way to achieving a step-change in the revenues of the government; closely in line with the budget for 2024,” and highlighted significant progress in economic reforms.

The minister also announced that the government would discontinue the use of ways and means of borrowing mechanisms. He projected a 4 percent budget deficit for the fiscal year 2024, attributing this improvement to the success of ongoing reforms.

Acknowledging the short-term challenges posed by these reforms, Edun assured Nigerians that the benefits would soon be realized. He pointed to the “well-coordinated economic policies” which are starting to yield positive results, such as the deceleration in inflation growth and an increase in foreign investments compared to the same period last year.

Edun further explained that with macroeconomic stability, the Nigerian economy is being positioned for sustained and inclusive growth.

This growth, according to him, is expected to create jobs, lift millions out of poverty, and attract domestic and foreign investments, ultimately improving the general well-being of the average Nigerian.

“The government’s comprehensive approach to economic reform is setting the stage for long-term prosperity,” Edun remarked, highlighting the administration’s commitment to enhancing the country’s financial health and fostering a stable economic environment.