Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this announcement on national television stating that in the past few weeks, the program had already reached one million citizens with an aim for one million beneficiaries monthly. Edun stressed that this direct cash transfer initiative is part of the comprehensive plan which the government uses to solve economic problems.
The government’s strategy focus on ensuring food availability and accessibility through homegrown food production and regulated importation aimed at reducing prices. Local supplies will be exhausted before imports are made as a result of audits conducted periodically over time.
These measures are aimed at lowering inflation rates, stabilizing exchange rates, reducing interest rates and creating an enabling environment for investments as well as job creation.
Funding for the initiative comes from $800 million from World Bank’s International Development Association program (40-year loan at 1%) and federal government allocations.
Edun reinstated to the citizens that the government remains dedicated in supporting vulnerable groups and boosting economic development. “We are committed to creating a brighter future for all Nigerians.”
