Breaking: FG restarts N75,000 cash payment

Federal Government, on Tuesday announced the reinstatement of the suspended social investment programme, aimed at providing direct payments to 75 million Nigerians across 50 million households.

This initiative is intended to alleviate the hardships faced by citizens, particularly vulnerable groups, as disclosed during a ministerial sectoral briefing marking President Bola Tinubu’s first year in office.

The Minister of Finance and Coordinating Minister of the Economy Wale Edun, revealed that the cash transfer programme had undergone significant overhauls to address and mitigate fraud.

This announcement follows the suspension of all National Social Investment Programme Agency (NSIPA) activities by President Tinubu on January 12 for a six-week period, due to alleged mismanagement.

Concurrently, Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, was suspended on January 8.

The intervention programmes affected by this suspension included N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.

On March 13, the House of Representatives urged the federal government to resume these social investment initiatives.

To revamp the programme, President Tinubu established a Special Presidential Panel, led by Edun, to conduct an intensive review and audit of the existing financial frameworks and policy guidelines of the social investment programmes.

Providing an update on the committee’s progress, Edun emphasised the government’s commitment to providing relief for poor Nigerians.

“I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme,” Edun said.

“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.”

Edun outlined the government’s restarted social investment programme, which includes direct payments to 75 million Nigerians in 50 million households.

He also mentioned improvements in access to credit, with ₦1 billion allocated to consumer credit and grants of ₦50,000 being provided to 1 million nanoindustries.

Addressing food security, Edun noted the global impact, with 30% of the world’s population affected.

He highlighted agriculture as critical to addressing food insecurity, mentioning a ₦200 billion intervention fund provided by the Ministry of Finance.

He also discussed the President’s emergency plan for food security, emphasising the importance of food, nutrition, and security.

Edun further explained the government’s efforts to ensure prudent and accountable expenditure, including direct payments to contractors, suppliers, and vendors.

He revealed plans for an Economic Emergency Plan to be implemented over the next six months to stabilise the economy and foster growth.

“A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably,” Edun said.

“The government has played a role in helping states in attracting cheap funding and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.”

The minister also discussed the transition to Compressed Natural Gas (CNG) and other sustainable energy sources, highlighting government policies aimed at reducing dependence on traditional fossil fuels.

He expressed optimism about attracting significant investments and improving Nigeria’s economic trajectory.

Edun assured that Nigeria has sufficient resources to meet its debt obligations both domestically and internationally, attributing this to the revitalization of the country’s revenue streams through macroeconomic reforms.