Nigeria’s Minister of Finance, Wale Edun, has announced that over 600,000 households have benefited from the country’s direct cash transfer program since payments resumed. The program, which was halted temporarily due to allegations of mismanagement, was reactivated by President Bola Tinubu in July.
Edun made the announcement during a press briefing in Abuja, where he reviewed the country’s economic performance for the first half of 2024. The minister emphasized that the government is committed to the welfare of ordinary Nigerians and has taken steps to ensure transparency and accountability in its social protection initiatives.
According to Edun, the government has made significant progress in its economic reforms, which are expected to yield positive results soon. He highlighted the decline in inflation growth and an increase in foreign investments compared to the same period last year as evidence of the government’s efforts.
One of the key priorities for the government in the short term is to reduce food prices and focus on increasing local food production, which is critical to addressing high inflation. Efforts are underway to achieve this goal, Edun said.
The minister also announced that Nigeria has exited the ways and means borrowing mechanism, citing a projected budget deficit of 4% for the 2024 fiscal year. He assured that Nigerians will soon benefit from the expected outcomes while acknowledging that the economic reforms may have temporarily caused hardships.
Edun stated that the government’s well-coordinated economic policies are starting to bear fruit, with macroeconomic stability positioning the economy for sustained and inclusive growth that creates jobs, lifts millions out of poverty, and drives domestic and foreign investments.
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