Finance Minister, Wale Edun, announced that since the relaunch of the federal government’s cash transfer program, nearly one million households have received benefits.
Entrepreneurng learnt that this information was shared during a press conference in Abuja on Wednesday.
Edun highlighted that about 300,000 payments were processed in the past week, reaching approximately 5 million individuals since the program’s inception.
“There are times when plans and schedules don’t go as expected, but that doesn’t mean giving up is the solution. The goal is to persevere and continue trying,” Edun stated.
“This was the situation with direct payments to 15 million households, covering 75 million people. Initially, there were challenges, leading to a temporary pause. However, with improved technological processes, payments to individuals have resumed,” Edun explained.
He further mentioned the program’s enhancement through a technologically advanced disbursement system, facilitating a broader rollout of payments.
“With this new system, we anticipate a significant increase in payments to support the poorest and most vulnerable, as committed by the President,” Edun added.
Earlier this year, in February, Finance Minister Wale Edun announced the government’s plan to relaunch the conditional cash transfer scheme aimed at aiding Nigeria’s most impoverished and vulnerable citizens. At that time, he indicated that an additional 12 million households could potentially benefit from the direct payments.
The expansion of the cash transfer program aims to provide financial relief to more citizens facing economic hardships, putting money directly into the hands of those in need. This initiative allows recipients to prioritize their needs and work towards alleviating poverty.
“The presidential panel on social investment programs is preparing to propose the restart of direct payments to the neediest citizens. Every effort is being made to mitigate their hardships,” Edun said.
Currently, there are about three million beneficiaries, and given the current economic conditions, an estimated additional 12 million households could benefit from these payments, according to Edun.
The cash transfer program, initially introduced under former President Muhammadu Buhari, has faced numerous challenges, including allegations of corruption and mismanagement.
