FG Resumes Cash Transfer Scheme, Benefits 600,000 Households

The Federal Government has resumed its direct cash transfer programme, benefiting over 600,000 households across the nation. This announcement was made by Wale Edun, the Minister of Finance, during a half-year review ministerial press briefing in Abuja on Thursday.

The briefing, themed ‘Economic Recovery and Growth: Progress and Prospects 2024’, highlighted the government’s strides in economic reforms and its ongoing efforts to stabilize the post-COVID-19 economy. Edun emphasized that the resumption of the cash transfer programme is a testament to President Bola Tinubu’s commitment to the welfare of ordinary Nigerians.

Following a directive from President Tinubu on July 18, 2023, the conditional cash transfer scheme was reviewed. This review led to a six-week suspension of all programmes administered by the National Social Investment Programme Agency (NSIPA) amid allegations of mismanagement.

Minister of Information and National Orientation, Mohammed Idris, confirmed during a radio interview in Kaduna that the intervention schemes would resume, aimed at providing necessary relief to Nigerian households.

Edun, during the press briefing, reiterated the administration’s dedication to transparency and accountability in its social protection initiatives. “Over 600,000 households have already received direct transfers this week,” he stated, as reported by Mohammed Manga, the Ministry’s Director of Information and Public Relations.

Highlighting the successes of the economic reforms, Edun noted that the government is making significant progress towards increasing revenue, in line with the 2024 budget projections. He announced the government’s exit from the ways and means borrowing mechanism, projecting a budget deficit of 4 percent for the fiscal year.

Acknowledging the temporary challenges brought by the reforms, Edun assured that the benefits would soon materialize for Nigerians. He pointed to a deceleration in inflation growth and a rise in foreign investments as early indicators of the reforms’ positive impact.

One of the government’s immediate priorities is to reduce food prices and support local food production, given the critical impact of high food prices on inflation. Efforts are already underway to achieve these goals, Edun confirmed.

Reflecting on the economic progress in the first half of 2024, Edun concluded that “the economy is turning the corner.” With improved macroeconomic stability, the government aims to create jobs, lift millions out of poverty, and attract both domestic and foreign investments to enhance the wellbeing of Nigerians.