Business News

BREAKING: FG set to restart direct cash transfers to 15 million households

The Federal Government has concluded plans to restart the direct cash transfer to the poorest and most vulnerable Nigerians.

This is coming in the face of hardship faced by millions of Nigerians with escalating prices of goods and food items as well as the continuous fall of the naira.

With about 3 million Nigerians benefitting from these programmes, the federal government projects that an additional 12 million people, households can benefit from these direct payments, due to the sharp rise in the cost of living, bringing the total to about 15 million households.

This was made known by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during a retreat of the ministry on Wednesday, February 21, 2024, in Uyo, Akwa Ibom State.

Edun said that the presidential panel on the social investment programmes are set to meet with President Bola Tinubu and recommend the restart of the direct cash payments to the poorest and most vulnerable Nigerians.

The minister noted that the expansion of the direct cash transfer aims to reach a wider population struggling with the economic situation and to put more money directly in the hands of those who need it most, allowing them to prioritize their needs and alleviate poverty.

He stated that the decision to inform the President of the Panel’s decision before the final report is completed is to keep the President abreast of developments, adding that technology will be used to ensure smooth and transparent payments, avoiding manual processes and delays.

More to follow…