FG to restart direct cash transfers to alleviate economic hardship

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has said that the federal government is committed to alleviating economic hardship for Nigerians.

He revealed this in an interview with Channels Television on Friday.

Edun discussed President Bola Tinubu’s strategies to address the country’s challenges directly.

According to him, the programs, which have been revamped, will now “be immediately implemented”.

He said, “Mr president is bringing an intervention programme, which has direct payments of N75,000 each, over three months, that is N25,000 a month to 15 million households and each household is about five people. So that effectively provides funding for 75 million people.”

“That all-important programme has been revamped to make sure that it is robust and to make sure that each beneficiary has a NIN number and a BVN number or access to mobile money accounts so that we are sure that the right people are paid and that the system is fraud-free.”

He said in addition to direct financial assistance, Edun emphasized initiatives to improve access to affordable food, including interventions to boost food availability in markets.

He mentioned releases from strategic reserves and forthcoming measures to ensure food security, emphasizing the importance of empowering the poor and vulnerable with purchasing power.

To improve productivity, Edun said the government is also planning to give artisans, traders, women, and youth, a grant of N50,000 to start nano businesses.

Recall that since the removal of fuel subsidy and the increasing rate in the foreign exchange market, the cost of living in the country has been unbearable for many households.