FG to Launch Cash Transfers for 20 Million Vulnerable Nigerians

FG to Launch Cash Transfers for 20 Million Vulnerable Nigerians

The Federal Government is preparing to launch a cash transfer initiative aimed at supporting 20 million poor Nigerians, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. He highlighted that the increase in Nigeria’s revenue for the 2024 fiscal year is being strategically allocated to various social intervention programs to improve citizens’ lives and address pressing societal issues.

Edun explained that the social investment program is designed to target 60% of the most disadvantaged individuals, reaching approximately 20 million people. He attributed the revenue growth to successful domestic resource mobilization efforts, particularly through the application of technology, which has doubled government income by mid-year.

He added that the direct cash transfers are currently benefiting four million households, a figure expected to grow to 15 million, ensuring that vulnerable citizens receive direct financial support from the government. The funds for these initiatives, Edun said, are coming from improved oil production and revenue management under President Tinubu’s administration.