Wale Edun, the minister of finance, says over 600,000 households have benefited from the direct cash transfer programme of the federal government following the resumption of payments.
Edun spoke on Thursday in Abuja during the half-year review ministerial press briefing, themed, ‘Economic Recovery and Growth: Progress and Prospects 2024’.
On July 18, 2023, President Bola Tinubu ordered an immediate review of the conditional cash transfer scheme — an intervention initiative coordinated by the national social investment programme agency (NSIPA).
The president later suspended all programmes administered by NSIPA for six weeks, as part of a probe of alleged malfeasance in the management of the agency and its programmes.
During a radio interview session in Kaduna, Mohammed Idris, the minister of information and national orientation, disclosed the federal government’s plan to resume the intervention schemes.
Speaking at the press briefing, the minister reiterated Tinubu’s commitment to the welfare of ordinary Nigerians and the government’s efforts to ensure transparency and accountability in its social protection initiatives.
“Following the resumption of payments, over 600,000 households have already received this direct transfer this week,” Edun was quoted as saying in a statement by in a statement on by Mohammed Manga, the ministry’s director of information and public relations.
Edun said the government has made significant strides in its economic reforms, “well on its way to achieving a step-change in the revenues of the government; closely in line with the budget for 2024”.
He also announced the government’s exit from the ways and means borrowing mechanism, highlighting successes of the government’s reforms while citing a projected budget deficit of 4 percent in the 2024 fiscal year.
Edun acknowledged the temporary hardships caused by the reforms but assured that Nigerians would soon benefit from the expected outcomes.
He said the government’s “well-coordinated economic policies are beginning to yield results, evidenced by the deceleration in inflation growth, a rise in foreign investments compared to the same period last year”.
The minister said one of the major priorities of the incumbent government in the immediate term is to reduce food prices and focus on providing all the necessary support to increase local food production, given the impact of high food prices on inflation.
He said efforts are underway to achieve this goal.
The minister said with the outcome of the first half of 2024, “the economy is turning the corner.”
Edun added that with macroeconomic stability, the economy is being well positioned for sustained and inclusive growth that creates jobs, lifts millions out of poverty, and drives domestic and foreign investments that would improve the general wellbeing of the average Nigerian.