The Federal Government has announced plans to launch a new cash transfer scheme, aimed at providing direct payments to 75 million Nigerians in 50 million households. This move is intended to alleviate the suffering of citizens, particularly vulnerable groups, and counterbalance the negative effects of recent economic reforms.
The scheme is a revamped version of the suspended social investment programme, which was halted due to allegations of fraud and malfeasance. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement at a ministerial sectoral briefing in Abuja, marking the first year of the President Bola Tinubu administration.
The new programme is designed to provide financial support to poor Nigerians, with 50 million households set to benefit. In addition to the cash transfer scheme, the government has also improved access to credit, allocating N1 billion to consumer credit and providing grants of N50,000 to 1 million nano industries.
The announcement comes after the House of Representatives called for the resumption of the suspended social investment initiatives in March. A Special Presidential Panel, led by Edun, was established to review and audit the existing financial frameworks and policy guidelines of the social investment programmes, leading to the revamped scheme.