Federal Government Targets Cash Transfer to 20 Million Vulnerable Nigerians

Minister of Finance Outlines Economic Reforms Aimed at Supporting the Most Needy Through Direct Cash Transfers

The Nigerian government, under the leadership of President Bola Tinubu, has announced plans to initiate direct cash transfers to 20 million of the nation’s poorest citizens. This initiative forms part of a broader social investment strategy designed to cushion the economic impact of key reforms and enhance living standards across the country.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted this plan during a session at the Nigeria Economic Summit in Abuja. He emphasized that increased government revenue from the 2024 fiscal year will be channeled into social intervention programs targeting 60% of the most impoverished citizens.

In his remarks, Edun outlined a vision of economic reform that not only focuses on inflation reduction and job creation but also aims to stimulate growth in vital sectors such as agriculture, oil, and housing. He added that four million households have already benefited from the cash transfer scheme, with plans to expand the initiative to support 15 million more households in the coming months.

These social programs are part of the government’s efforts to mitigate the rising cost of living while continuing to enhance domestic revenue streams, supported by technological advancements and oil sector reforms.