The Federal Government has unveiled a comprehensive plan to provide cash transfers to 20 million poor Nigerians in a move to address poverty and improve living standards.
According to Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the social investment program aims to impact 60% of the poorest citizens, directly supporting 20 million households.
He made the disclosure at a panel session titled ‘Fiscal Reforms for a More Secure Future’ during the 30th Nigeria Economic Summit in Abuja on Tuesday.
He said the government’s economic reform agenda focuses on reducing inflation, creating jobs, and stimulating growth in key sectors such as agriculture, manufacturing, oil, and housing.
Edun attributed the increased revenue to the effective application of technology, which has reformed the civil service and improved domestic resource mobilization.
He said, “In terms of revenue, the number one place to look was inwards, domestic resource mobilisation. That’s where the government started. By the first half of this year, revenue had doubled.
“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.
“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to government.
“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.
“That is how President Tinubu’s government is spending the money which is being yielded from better oil production.”
Edun also revealed that the government is focused on agriculture, manufacturing, oil, and housing as vital drivers of the country’s economy.
“We are looking to food production to help bring down inflation,” he explained.
“We aim to make food more available, affordable, and to reduce the cost of living for Nigerians.”
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