Breaking News: Few Days To PROTEST, Federal Government Begins Sending Credit Alert To Nigerians, SEE Details
Nigeria’s finance minister, Wale Edun, has revealed that the federal government has lately sent direct cash transfers to more than 600,000 households as part of the resumed payment plan. On Thursday, Edun addressed a ministerial press briefing in Abuja titled “Economic Recovery and Growth: Progress and Prospects 2024.” The initiative, which is managed by the National Social Investment Programme Agency (NSIPA), was suspended for six weeks to examine potential mismanagement.
During a radio broadcast in Kaduna, Information Minister Mohammed Idris announced the federal government’s intention to relaunch these social intervention projects. At the briefing, Edun reiterated President Tinubu’s commitment to improving the lives of ordinary Nigerians through transparent and accountable social welfare initiatives.
According to a release from Mohammed Manga, the ministry’s head of media and public relations, nearly 600,000 households have received direct transfers since payments resumed this week. Edun noted the government’s strong progress in economic reforms, which aim to alter revenue creation in line with the 2024 budget. He also mentioned the government’s plan to abandon the ways and means borrowing mechanism, and projected a 4% budget deficit for the fiscal year 2024.
While admitting the immediate challenges presented by these measures, Edun promised Nigerians that the advantages would come soon. He cited the government’s economic plans as having had favorable results, such as lower inflation and greater foreign investment over the previous year. Edun noted that one of the government’s urgent priorities is to reduce food prices by increasing domestic production, which is an important step considering the impact of food costs on inflation.
Reflecting on the first half of 2024, Edun voiced confidence in the economy’s recovery trajectory. He concluded that, with continuous macroeconomic stability, Nigeria is on track for long-term and inclusive growth, with the potential to create jobs, alleviate poverty, and attract both local and foreign investment, all of which will benefit its inhabitants in general.
According to Naija News, President Bola Tinubu halted the conditional cash transfer initiative on July 18, 2023, directing a review. The program, overseen by the National Social Investment Programme Agency (NSIPA), was paused for six weeks to investigate alleged mismanagement. In a radio broadcast in Kaduna, Information Minister Mohammed Idris confirmed the federal government’s intent to restart these social intervention programs.
(Scooper News)
