During the Ministry’s retreat in Uyo, Akwa Ibom state, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced the federal government’s plan to restart direct cash transfers to eligible Nigerians as part of efforts to alleviate the current economic challenges.
The initiative aims to provide financial assistance to the poorest and most vulnerable Nigerians, with Edun highlighting that the program, which currently benefits three million people, will be expanded to include an additional twelve million beneficiaries.
Edun emphasized the importance of informing the President of the Panel’s decision before the final report is completed to ensure prompt action. He also emphasized the use of technology to facilitate transparent and efficient payments, minimizing manual processes and delays.
Explaining the rationale behind the direct cash transfer method, Edun noted its effectiveness in reducing poverty, as it empowers individuals to address their immediate needs.
Additionally, Edun reiterated President Bola Tinubu’s intervention to release 60,000 metric tonnes of food grains to increase food availability and lower costs, aligning with the government’s priority to address food security concerns.