In a move aimed at alleviating poverty and enhancing economic stability, Nigeria’s government has introduced a cash transfer programme to assist 20 million low-income individuals.
Finance Minister Wale Edun revealed this development at the Nigeria Economic Summit, emphasizing the government’s efforts to allocate its improved revenue toward social welfare programs.
The initiative targets the most vulnerable, covering around 60% of the nation’s poorest citizens.
Currently, the programme supports four million households, which equates to approximately 20 million people.
The plan includes an expansion phase that seeks to reach 15 million households nationwide.
The government’s revenue for the first half of 2024 saw a remarkable rise to ₦9.1 trillion, a considerable increase from the ₦4.06 trillion collected during the same period in 2023.
This surge has enabled the administration to invest heavily in social programs that address the cost of living and other economic challenges faced by Nigerians.
Edun also discussed the broader fiscal reform plan, which involves utilizing technology to enhance tax collection and ensure compliance from various government entities.
This approach has facilitated an increase in domestic resource mobilization, allowing the government to allocate more funds toward social initiatives.
The programme’s expansion is in line with the government’s focus on developing sectors like agriculture, manufacturing, oil, and housing. The aim is to curb inflation, improve food production, and make essential goods more affordable.
The initiative reflects the government’s commitment to enhancing the quality of life for Nigerians through targeted economic interventions and sectoral development.
