The Federal Government has announced plans to provide cash assistance to 20 million impoverished Nigerians in an effort to alleviate suffering across the country.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, made the announcement on Tuesday, October 15. He indicated that the significant increase in the nation’s revenue for the 2024 fiscal year would be allocated to various social intervention programs aimed at benefiting 60% of Nigeria’s poorest citizens, approximately 20 million people.
Edun emphasized that this initiative is intended to reduce inflation, create jobs, and stimulate growth in critical sectors such as agriculture, manufacturing, oil, and housing.
During his address at the 30th Nigeria Economic Summit, he noted that government revenue for the first half of 2024 surged to N9.1 trillion, up from N4.06 trillion in the same period the previous year.
He reported that 4 million households, equating to 20 million individuals, are currently receiving direct financial support from the government, with intentions to expand this assistance to 15 million households....Read Full Article [Click Here>]
Highlighting agriculture’s vital role in reducing inflation and enhancing food availability and affordability, Edun also pointed out the importance of the oil sector as Nigeria’s main source of foreign exchange.
Furthermore, the government is allocating N75 billion in grants and loans for small and micro enterprises within the agricultural sector. Larger businesses will also receive N75 billion in support, with loans provided at a 9% interest rate to help address rising operational costs, particularly in light of recent foreign exchange adjustments.
“In collaboration with international partners, including the World Bank, these reforms aim to stabilize Nigeria’s fiscal position.” Ndiamé Diop, the World Bank Country Director for Nigeria, acknowledged the nation’s progress by noting improvements in the revenue-to-GDP ratio and underscoring the significance of these reforms for ensuring sustainable economic growth.
