Nigeria's Finance Minister, Wale Edun, has announced that the federal government has restarted its direct cash transfer program, with over 600,000 households receiving payments as of this week.
The cash transfer scheme, which provides conditional payments of N75,000 to 15 million households nationwide, was previously suspended by President Bola Tinubu in January 2024 for a review.
The program, overseen by the National Social Investment Programme Agency (NSIPA), was paused for six weeks to investigate alleged mismanagement.
During a press briefing in Abuja, Edun emphasized President Tinubu's commitment to improving the lives of Nigerians through transparent and accountable social welfare efforts. He highlighted the government's significant progress in economic reforms, aiming to transform revenue generation in alignment with the 2024 budget.
The finance minister also noted the government's decision to end reliance on the ways and means borrowing system from the Central Bank of Nigeria, projecting a budget deficit of 4% for the 2024 fiscal year.
While acknowledging the temporary challenges posed by these reforms, Edun assured that the benefits would soon materialize for Nigerians.
Edun pointed to the positive outcomes of the government's economic strategies, such as reduced inflation growth and increased foreign investment compared to last year.
He emphasized that one of the government's immediate priorities is to lower food prices by enhancing local production, a crucial step given the impact of food costs on inflation.
