By Yusuf Olukokun
The Federal Government of Nigeria, FGN, has reintroduced the temporarily suspended social investment program in order to assist the less privileged.
According to Wale Edun, Minister of Finance and Coordinating Minister of Economy, he said the program aims to support 75 million Nigerians in 50 million household.
He made this statement during the Ministerial sectoral briefing in Abuja.
Speaking further, he said the program was temporarily suspended on January 12, 2024, due to some inequalities and some misconducts by the Natinal Social Investment Programme Agency. According to him, the suspension was carried out in order to bring sanity.
Wale Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.
“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”