Finance minister Edun reports that 4.3 million Nigerians have received cash transfers under Tinubu’s administration
The Nigerian government, led by President Bola Tinubu, has announced that approximately 4.3 million Nigerians have benefited from the direct cash transfers initiative.
Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, revealed this on Tuesday. He noted that one million people received support in recent weeks, with the goal of providing cash transfers to one million vulnerable Nigerians each month.
During his appearance on a national television business program, Edun outlined the Federal Government’s broad strategy to address current economic challenges.
He emphasized that the government is expanding its cash transfer program to support the poorest and most vulnerable. The initiative has already reached 4.3 million people, with plans to significantly increase this number.
“Currently, the figure is around 4.3 million, with the latest million added in recent weeks. Our target of one million per month is an ongoing process,” Edun explained.
He projected that the program could potentially scale up to assist one million people per week or every two weeks, depending on technological capabilities.
Edun highlighted the government’s commitment to the welfare of its citizens, especially the vulnerable, with a major focus on ensuring food availability and affordability.
“There is a concerted effort to ensure the availability of homegrown food,” Edun said.
In the short term, aside from utilizing reserves, the government has opened a window for imports to address the immediate need for affordable food, as President Tinubu is committed to reducing food prices promptly.
He stressed that this policy will not negatively impact local farmers, as imports will only be allowed after all local supplies have been depleted.
“One condition for permitting imports is that all locally available products from markets or millers must be used up. We will have auditors to verify this,” he said.
Edun explained that these measures aim to reduce inflation, stabilize the exchange rate, and lower interest rates, thereby creating a favorable environment for investment and job creation.
“With our food production program, as prices decrease, inflation will also drop. Lower inflation will stabilize the exchange rate.
“Interest rates will fall, giving the economy a better chance. This will enable investments at reasonable rates, boost productivity, grow the economy, and create jobs, which is crucial for reducing poverty,” he detailed.
Regarding funding for these initiatives, Edun clarified: “The $800 million is part of a World Bank program under the International Development Association, with a 40-year term at a 1 percent interest rate.
“So, while it is borrowing, it is the most affordable and favorable option available. The remainder of the funding will come from the federal government budget.”
