**Wale Edun, the Minister of Finance, announced that over 600,000 households have benefited from the federal government’s direct cash transfer program following the resumption of payments.**
Edun made this statement on Thursday in Abuja during a half-yearly review ministerial press briefing titled “Economic Recovery and Growth: Progress and Prospects 2024.”
On July 18, 2023, President Bola Tinubu directed an immediate review of the conditional cash transfer scheme, a key initiative managed by the National Social Investment Programme Agency (NSIPA). This was followed by a six-week suspension of all NSIPA-administered programs as part of an investigation into alleged mismanagement.
In a recent radio interview in Kaduna, Mohammed Idris, the Minister of Information and National Orientation, revealed plans to resume the intervention schemes.
At the press briefing, Edun reaffirmed President Tinubu’s commitment to the welfare of ordinary Nigerians and emphasized the government’s focus on transparency and accountability in its social protection initiatives.
“Since the resumption of payments, over 600,000 households have already received their direct transfers this week,” Edun stated, according to a release by Mohammed Manga, the Ministry’s Director of Information and Public Relations.
Edun highlighted the government’s progress in economic reforms, noting that it is on track to achieve a significant increase in revenue aligned with the 2024 budget. He also announced the government’s departure from the “ways and means” borrowing mechanism, pointing to the success of recent reforms and a projected 4 percent budget deficit for the 2024 fiscal year.
While acknowledging the temporary hardships caused by these reforms, Edun assured that the anticipated benefits would soon be realized. He highlighted improvements such as a deceleration in inflation growth and a rise in foreign investments compared to last year.
One of the government’s immediate priorities, Edun said, is to reduce food prices and enhance local food production, given the impact of high food costs on inflation. Efforts are underway to address this issue.
Looking ahead, Edun noted that the economy is showing signs of recovery, with macroeconomic stability setting the stage for sustained and inclusive growth. This growth is expected to generate jobs, reduce poverty, and attract both domestic and foreign investments, ultimately improving the overall well-being of Nigerians.