The Federal Government of Nigeria has resumed its direct cash transfer scheme, successfully reaching over 600,000 households.
This announcement was made by Wale Edun, the finance minister and Coordinator of the Economy, during the half-year review Ministerial Press Briefing themed “Economic Recovery and Growth: Progress and Prospects 2024” held in Abuja.
The direct cash transfer program was restarted after a pause aimed at improving transparency in its delivery, with over 600,000 households receiving payments this week.
The President is committed to the welfare of ordinary Nigerians, ensuring transparency and accountability in social protection initiatives.
The government is making significant strides in economic reforms, aiming for a step-change in federal revenues and projecting a budget deficit of 4% for the 2024 Fiscal Year.
Efforts to reduce food prices and increase local food production are underway, addressing the impact of high food prices on inflation.
To improve foreign exchange liquidity, the government plans to issue domestic USD-denominated securities up to $500 million, attracting investment from Diaspora Nigerians and those with savings abroad.
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The government also remains committed to implementing the Supreme Court’s judgment on direct payment of federation allocations to Local Government Councils.
Positive indicators such as slowing inflation growth and increasing foreign investments suggest the economy is stabilizing. The government is focused on sustained and inclusive growth, job creation, poverty alleviation, and driving investments.
The resumption of the direct cash transfer scheme marks a significant milestone in these efforts, reflecting the Federal Government’s dedication to stabilizing the economy and ensuring the welfare of its citizens through transparent social protection measures and strategic economic reforms.
