FG pays 600,000 households in 1 week as cash transfer scheme resumes

The Federal Government has credited 600,000 households in the space of one week as it resumed the direct cash transfer scheme for economically deprived Nigerians.

This development is contained in a statement on Friday, July 26, 2024, by the Director of Information and Public Relations at the Ministry of Finance Mohammed Manga.

Manga quoted the Finance Minister and Coordinator of the Economy Wale Edun to have revealed this during the half-year review Ministerial Press Briefing in his office in Abuja on Thursday.

Edun emphasised the government's commitment to the welfare of ordinary Nigerians and assured of transparency and accountability in all the social protection initiatives.

According to the Minister, the 600,000 beneficiaries were paid this week.

“Edun emphasised the President’s commitment to the welfare of ordinary Nigerians and the Government’s efforts to ensure transparency and accountability in its social protection initiatives including but not limited to the acceleration of the direct benefit transfer programme that has now been restarted following an initial pause of the programme to improve transparency in its delivery.

Finance and Coordinating MInister of the Economy, Wale Edun Pulse Nigeria

He mentioned that, following the resumption of payments, over 600,000 households have already received this direct transfer this week,” the statement partly read.

Edun also disclosed efforts to further improve foreign exchange liquidity and showcase the resilience of the Nigerian financial system, which include the plan to issue domestic USD-denominated securities of up to $500 million to attract investment from Diaspora Nigerians and Nigerians with savings held abroad.

"The Minister affirmed that with the outcome of the first half of 2024, indeed the Nigerian economy is turning the corner; and with macro-economic stability, the economy is being well positioned for sustained and inclusive growth that creates jobs, lifts millions out of poverty, and drives domestic and foreign investments that would improve the general well-being of the average Nigerian," the statement added.