The Federal Government of Nigeria has unveiled a comprehensive plan to provide cash transfers to 20 million poor Nigerians, marking a significant step towards addressing the country’s poverty challenges. According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, this social investment program aims to impact 60% of the poorest citizens, directly supporting 20 million households.
Key Objectives:
- Reduce Poverty: Provide financial assistance to vulnerable Nigerians, improving their living standards.
- Boost Economic Growth: Stimulate economic activity in key sectors such as agriculture, manufacturing, oil, and housing.
- Create Jobs: Generate employment opportunities to reduce the country’s unemployment rate.
The government’s economic reform agenda focuses on reducing inflation, creating jobs, and stimulating growth in vital sectors. Edun attributed the increased revenue to the effective application of technology, which has reformed the civil service and improved domestic resource mobilization.
Strategic Interventions:
- Cash Transfers: Direct payments to 20 million households.
- Agricultural Support: Grants and loans worth up to N75 billion to support one million small and micro enterprises.
- Student Loan Scheme: Consumer credit made available to workers to purchase household goods or convert vehicles to cleaner Compressed Natural Gas fuel.
The Minister emphasized the government’s commitment to tackling poverty and improving the lives of Nigerians. This initiative is expected to bring relief to millions of citizens struggling to make ends meet.
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