FG Plans Transfer Of Cash To 20 Million Poor Nigerians

The federal government has unveiled intentions to send cash to 20 million poor Nigerians in order to alleviate the country’s suffering.

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced on Tuesday, October 15, that a significant increase in the country’s revenue for the fiscal year 2024 will be directed toward various social intervention programs aimed at reaching 60% of Nigeria’s poorest, or approximately 20 million people.

This plan, he claims, will assist to cut inflation, create jobs, and encourage growth in critical areas such as agriculture, manufacturing, energy, and housing.

In his speech at the 30th Nigeria Economic Summit, Edun revealed that, in comparison to the same period in 2023, government revenue more than quadrupled to N9.1 trillion in the first half of 2024 (from N4.06 trillion).

According to him, the government provides direct financial assistance to 4 million households, or 20 million people, and has plans to expand this program to 15 million households.

Edun emphasized the importance of agriculture in lowering inflation and increasing food supply and affordability.

He said, “The government is also focusing on the oil sector, which remains Nigeria’s primary source of foreign exchange.

“Additionally, the government is investing N75 billion in grants and loans for small and micro enterprises in the agricultural sector. Larger companies will also receive N75 billion in support, with loans offered at a 9% interest rate to help mitigate rising operational costs, especially following foreign exchange adjustments.

“In collaboration with international partners, including the World Bank, these reforms aim to stabilize Nigeria’s fiscal position. The World Bank Country Director for Nigeria, Ndiamé Diop, acknowledged the country’s progress, pointing to improvements in the revenue-to-GDP ratio and stressing the importance of these reforms to ensure sustainable economic growth.”

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli