The Federal Government of Nigeria has announced the disbursement of direct cash transfers to 600,000 households as part of its resumed welfare scheme. This initiative is part of the government’s efforts to support ordinary Nigerians.
In 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 made the announcement during a press briefing themed “Economic Recovery and Growth: Progress and Prospects 2024.” Edun emphasized President Bola Ahmed Tinubu’s commitment to transparency and accountability in social protection initiatives. “Following the resumption of payments, over 600,000 households have already received this direct transfer this week,” Edun revealed.
The Federal Government highlighted significant strides in economic reforms, projecting a budget deficit of 4% for the 2024 Fiscal Year and exiting the Ways and Means borrowing mechanism. Edun acknowledged the temporary hardships caused by the reforms but assured that benefits would soon be realized, including a slowdown in inflation and increased foreign investments.
One of the administration’s immediate priorities is to reduce food prices and increase local food production. Edun noted ongoing efforts to achieve this goal, considering the impact of high food prices on inflation.
Plans are in place to issue domestic USD-denominated securities up to US$500 million to attract investment from Nigerians in the diaspora and those with savings abroad, showcasing the resilience of the Nigerian financial system. The government is also committed to implementing the Supreme Court’s judgment on the direct payment of federation allocations to Local Government Councils.
Edun affirmed that the Nigerian economy is turning the corner, positioning for sustained and inclusive growth, job creation, poverty reduction, and improved well-being for the average Nigerian.
