By Ikugbadi Oluwasegun
The federal government sets to restart direct cash transfers to the poorest and most vulnerable Nigerians. Wale Edun, Minister of Finance and Coordinating Minister for the Economy disclosed this plan during the Ministry’s retreat held in Uyo, Akwa-Ibom state on Wednesday.
Presently, approximately 3 million people are recipients of these programmes, but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments.
According to the minister, “The presidential panel on the social investment programmes, have prepared to go to Mr. President with an internal recommendation to restart the direct payments to the poorest and the most vulnerable. Everything is being done to ease the pain.
“We know that there’s been about 3 million beneficiaries now, but given the way the rates have gone, there are probably another 12 million people, households that can benefit from that payment.”
The minister noted that the expansion of the direct cash transfer aims to reach a wider population struggling with the economic situation and to put more money directly in the hands of those who need it most, allowing them to prioritize their needs and alleviate poverty.
The decision to inform the President of the Panel’s decision before the final report is completed is to keep the President abreast of developments.
Wale Edun stated that technology will be used to ensure smooth and transparent payments, avoiding manual processes and delays.
He said: “The only thing delaying that is not waiting for the end of the report. It is something that the intervention is meant to happen immediately.
“We have experts in technology, the commitment was to make sure that we use technology to ensure that we have a seamless payment, a seamless movement between the registered and the direct beneficiaries, without any manual processes in between. So it’s taking time to automate that process immediately that direct payment will resume”.
Recognizing the significant impact of food prices on household budgets, the government is taking steps to increase food availability and drive down costs.