The Federal Government through the Minister of Finance, and Coordinating Minister for the Economy, Wale Edun, has made public its intention to commence direct cash transfers to 12 million vulnerable Nigerians amid the hardship presently being faced in the country. This development was revealed by Mr Edun, on 21st February 2024, during a retreat for management staff and head of parastatals of the ministry held in Uyo the state capital of Akwa Ibom.
The Minister stated that the project was initially for 3 million Nigerians, but the current economy has propelled the Ministry to review the number of recipients to 12 million.
The minister said, “The presidential panel on the social investment programs has prepared to go to Mr. President with an internal recommendation to restart the direct payments to the poorest and the most vulnerable. Everything is being done to ease the pain.“We know that there’s been about 3 million beneficiaries now, but given the way the rates have gone, there are probably another 12 million people, households that can benefit from that payment.”
He said, “The only thing delaying that is not waiting for the end of the report. It is something that the intervention is meant to happen immediately.“We have experts in technology, the commitment was to make sure that we use technology to ensure that we have a seamless payment, a seamless movement between the registered and the direct beneficiaries, without any manual processes in between. So it’s taking time to automate that process immediately that direct payment will resume”.
He reiterated that Nigeria remained on course towards economic stability, pointing out that the present forex challenges and inflation were the inevitable effects of efforts to stabilize the economy.“We are working hard to ensure that the finances of the nation which used to be in few hands to the detriment of other Nigerians is reversed. Such corrective actions are long overdue,” he assured.
