FG FG Relaunches Direct Cash Transfer With Aims for 12 Million Nigerians
FG FG Relaunches Direct Cash Transfer With Aims for 12 Million Nigerians
Direct Cash Transfer News: In light of the high cost of living in the country, the Federal Government has disclosed intentions to resume direct cash transfers to approximately 12 million disadvantaged Nigerians.
In light of the high cost of living in Nigeria, the Federal Government has disclosed intentions to resume direct cash transfers to approximately 12 million disadvantaged Nigerians.
Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, revealed this on Wednesday during his ministry’s retreat in Uyo, Akwa Ibom state.
Although the original project was intended for 3 million Nigerians, Edun said that the present crisis has contributed to the project’s expansion to 12 million users.
The minister stated, “The Presidential Commission on Social Investment Programs is ready to present an internal recommendation to Mr. President for the reintroduction of direct payments to the most vulnerable and impoverished individuals. To lessen the suffering, every effort is being made.
“We are aware that there are currently approximately 3 million beneficiaries, but considering the trajectory of the rates, another 12 million individuals or households could be eligible for that payment.”
Recall that in January, President Bola Tinubu halted the National Social Investment Programme Agency’s (NSIPA) management and its programs, affecting three additional programs in addition to the conditional cash transfer scheme.
Speaking on the cash transfer’s resumption, however, Edun stated that technology would be utilized to guarantee quick and transparent payments, eliminating human procedures and delays and that the President would be well-informed about the program.
“The only thing delaying that is not waiting for the report’s conclusion,” he stated. The intervention is intended to take place right away in this case.
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Our goal was to use our technological expertise to guarantee that there are no manual processes involved in the payment or movement of funds between the direct beneficiaries and the registered parties. We have professionals in these areas. Therefore, it will take some time to automate that process before direct payment can start up again.
He also discussed the rising cost of food and the government’s efforts to reduce expenses and increase food supply.
President Bola Tinubu’s action to release 60,000 kilograms of food grains was reiterated by the minister.
“The goal is to put food, feed, and the mill into the market to drive down food prices and increase food availability,” he stated. That is currently the top priority on the government’s financial and administrative fronts.
The minister stated, “History has shown, research has shown that when you pay people directly, you put money in their hand,” in defense of the cash transfer program. Because people choose where the shoe pinches the most, it lessens poverty.
Thus, it directly reduces poverty and offers a direct benefit. It relieves, and there’s an agreement to get that process started right away. In other words, given the circumstances surrounding these actions and the team we work with, we are committed to assisting in reducing inflation.
“The ultimate goal of President Bola Tinubu and his economic policies is to grow the economy, create jobs, and lift millions and millions of Nigerians out of poverty.”
Millions of Nigerians received direct cash payments from Tinubu as one of his programs to lessen the hardship caused by the elimination of fuel subsidies.
