The Federal Government is set to launch cash transfers to support 20 million impoverished Nigerians.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated that increased revenue for the 2024 fiscal year is being strategically allocated to social intervention programs aimed at improving citizens’ quality of life and addressing pressing challenges.
The social investment initiative is intended to reach 60% of the most vulnerable individuals, impacting around 20 million people.”In terms of revenue, our focus was on domestic resource mobilization. By mid-year, government revenue had more than doubled, achieved through robust application of technology,” stated Edun.
He explained that these efforts have reformed civil service operations by utilizing regulatory compliance mechanisms and ensuring government companies contribute their surplus effectively.
The program includes direct cash transfers to the poorest households, with current support reaching 20 million people across 4 million households.
This is expected to expand to 15 million households as the government continues to enhance oil production and generate increased revenue.
“This is how President Tinubu’s administration is investing the additional revenue for the benefit of Nigeria’s most disadvantaged,” Edun emphasized.
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