The Federal Government plans to expand its direct cash transfer programme to reach more poor and vulnerable Nigerians, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said.
Speaking at the Oxford Global Think Tank Leadership Conference and Book Launch in Abuja on Tuesday, Edun disclosed that the programme currently supports over 15 million households across the country.
He explained that although progress had been recorded in stabilizing inflation and the exchange rate, more effort was needed to lift Nigerians out of poverty and ensure they feel the benefits of ongoing economic reforms.
According to him, the government’s cash transfer system is transparent and accountable, ensuring that every beneficiary can be verified.
“There is an attempt to ensure that the pains of reform are immediately alleviated. That’s why there is a transparent, accountable, and robust system of providing direct payments to 15 million households,” he said.
“In some places, people say they haven’t heard of anyone receiving the payments. We immediately call for the data to verify this because each individual is identified by name, national identity number, and paid digitally—either to a bank account or mobile wallet. There is accountability, transparency, and a record.”
Edun noted that the government intends to expand the programme further to reach more Nigerians at the grassroots as part of its strategy to cushion the effects of ongoing reforms.
He added that a new ward-based development initiative was also being rolled out to channel resources and funding directly to Nigeria’s 8,809 wards across the 774 local government areas.
“This will empower economically active people at the ward level, small businesses and cottage industries, by providing support and financing. It’s a key element in ensuring that the benefits of current reforms and improvements reach right down to the local level,” he said.
Also speaking, the Founder of Oxford Global Think Tank Leadership, Arunma Oteh said Nigeria needs patient capital to finance growth in its economy.
Oteh disclosed that the government needs to spend 12 percent of GDP on infrastructure development for it to be able to close the infrastructure gap.
She harped on the need to groom and equip young Nigerians for leadership positions.
“China, over the years, invested 24% of its GDP in infrastructure. At best we do 4 to 5%, if we want to bridge infrastructure, definitely we would have to do at least 12%”, she added.
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