President Bola Tinubu-led Nigerian government has claimed that at least 4.3 million Nigerians have benefited from the direct cash transfers initiative.
This information was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Tuesday. He stated that one million citizens were reached in the last few weeks, with the target being to transfer cash to one million vulnerable Nigerians each month.
Appearing on a national television business program, the minister highlighted the Federal Government’s comprehensive plan to address current economic issues. He mentioned that the government was increasing its cash transfer program to assist the poorest and most vulnerable. The initiative has already reached 4.3 million people, and there are plans to substantially expand that number.
Edun said: “There is a concerted effort to ensure that we have homegrown food available.
“In the short term, there is, apart from what is being distributed from reserves, a window that has been opened for importation because the commitment of Mr. President is to drive down those prices now and make food available now.”
He emphasized that this measure will not undermine local farmers, as importation will only be permitted after exhausting local supplies.
“One of the conditions for this importation will be that everything available locally in the markets or with the millers and so forth has been taken up. We will have auditors that will check that,” he said.
Edun noted that these interventions aim to reduce inflation, stabilize the exchange rate, and lower interest rates, thereby creating a conducive environment for investment and job creation.
“With the kind of food production programme we have, inflation will come down as prices come down. When inflation comes down, the exchange rate will stabilise.
“Interest rates will come down and the economy will have a chance.
“People will have a chance at reasonable rates to invest in various sectors of the economy, increase productivity, grow the economy and create jobs which is the key to reducing poverty,” he elaborated.
On the source of funding for these initiatives, Edun explained: “This particular money, $800 million, is under a World Bank programme.
“But it’s under an International Development Association programme, and that money is for 40 years at one per cent.
“So, if you say it is borrowing, well it is, but it is the softest and the cheapest and the most affordable form you can get. The rest will come from the federal government budget.”