The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that over 600,000 households have benefited from the federal government’s direct cash transfer program since payments resumed.
This statement was made during the half-year review ministerial press briefing held on Thursday in Abuja, with the theme ‘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, managed by the national social investment programme agency .
Subsequently, all NSIPA-administered programs were suspended for six weeks to investigate alleged malfeasance.
In a radio interview in Kaduna, the Minister of Information and National Orientation, Mohammed Idris, confirmed the federal government’s plan to resume these intervention schemes.
At the press briefing, Edun emphasized Tinubu’s dedication to the welfare of ordinary Nigerians and highlighted the government’s efforts to ensure transparency and accountability in its social protection initiatives.
He stated, “Following the resumption of payments, over 600,000 households have already received this direct transfer this week,” as per a statement by Mohammed Manga, the ministry’s director of information and public relations.
Edun reported significant progress in economic reforms, aligning closely with the 2024 budget projections.
He also announced the government’s exit from the ways and means borrowing mechanism, and despite a projected budget deficit of 4 percent for 2024, he highlighted the successes of the ongoing reforms.
Acknowledging the temporary hardships caused by these reforms, Edun assured that Nigerians would soon see benefits.
He pointed to positive outcomes such as a deceleration in inflation growth and a rise in foreign investments compared to the previous year, attributing these improvements to the government’s well-coordinated economic policies.
Edun identified the reduction of food prices and boosting local food production as immediate priorities, given the impact of high food prices on inflation. He assured that efforts are underway to achieve these goals.
Reflecting on the first half of 2024, Edun expressed optimism, stating that “the economy is turning the corner.”
He added that with macroeconomic stability, the economy is poised for sustained and inclusive growth that will create jobs, lift millions out of poverty, and attract both domestic and foreign investments, ultimately improving the general wellbeing of the average Nigerian.
