‘600k Households received payments from FG’s Direct Cash Transfer this week – Wale Edun

Wale Edun, Nigeria’s Minister of Finance has announced that over 600,000 households have benefited from the federal government’s direct cash transfer program since payments resumed this week.

Recall that President Bola Tinubu ordered an immediate review of the conditional cash transfer scheme managed by the National Social Investment Programme Agency (NSIPA) on July 18, 2023. This review led to a six-week suspension of all NSIPA programs to investigate alleged mismanagement.

The minister made this statement on Thursday during the half-year review ministerial press briefing themed “Economic Recovery and Growth: Progress and Prospects 2024.”

During a radio interview in Kaduna, Mohammed Idris, Minister of Information and National Orientation, confirmed the government’s plan to resume the intervention schemes.

At the press briefing, Wale Edun emphasized President Tinubu’s dedication to the welfare of Nigerians and the government’s commitment to transparency and accountability in its social protection efforts.

“Since the resumption of payments, over 600,000 households have received direct transfers this week,” Edun said, according to a statement by Mohammed Manga, the Ministry’s Director of Information and Public Relations.

Wale Edun remains confident in the proposed economic reforms

Edun highlighted the government’s progress in economic reforms, stating they are on track to increase government revenues in line with the 2024 budget. He also announced the government’s exit from the Ways and Means borrowing mechanism and projected a budget deficit of 4 percent for the 2024 fiscal year.

Acknowledging the temporary hardships caused by the reforms, Edun assured Nigerians that the benefits of these reforms would soon be felt.

He noted that the government’s well-coordinated economic policies are starting to show results such as a slowdown in inflation growth and an increase in foreign investments compared to the same period last year.

One of the government’s immediate priorities is to reduce food prices and support local food production to combat high inflation. Efforts are underway to achieve this goal.

Edun concluded that the economy is improving with the results from the first half of 2024. He added that with macroeconomic stability, the economy is being positioned for sustained and inclusive growth, aiming to create jobs, reduce poverty, and attract domestic and foreign investments to improve the overall well-being of Nigerians.