600,000 households benefited from FG cash transfer — Edun

The Minister of Finance, Wale Edun, has revealed that over 600,000 households have benefited from the direct cash transfer programme of the federal government since the resumption of the project.

He disclosed this on Thursday in Abuja during the half-year review ministerial press briefing, tagged, ‘Economic Recovery and Growth: Progress and Prospects 2024’.

Recall President Bola Tinubu ordered a review of the conditional transfer back on July 18, 2023. The intervention initiative was coordinated by the National Social Investment Programme Agency (NSIPA).

Tinubu 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.

However, on Thursday, 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”.

“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 Mohammed Manga, the ministry’s director of information and public relations.

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.

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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 and 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.

Edun added that with macroeconomic stability, the economy is 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 well-being of the average Nigerian.