FG Set To Distribute Cash Aid To 20 Million Underprivileged Nigerians

FG Set To Distribute Cash Aid To 20 Million Underprivileged NigeriansThe Federal Government has announced plans to distribute cash to 20 million low-income Nigerians as part of efforts to ease widespread hardship.....KINDLY READ THE FULL STORY HERE▶

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, made this known on Tuesday, October 15. He explained that the increased revenue forecasted for the 2024 fiscal year is being allocated to several social intervention programs aimed at benefiting 60% of Nigeria’s poorest citizens, approximately 20 million people.

According to Edun, this initiative will help reduce inflation, create jobs, and stimulate growth in vital sectors such as agriculture, manufacturing, oil, and housing.

Speaking at the 30th Nigeria Economic Summit, Edun highlighted that government revenue in the first half of 2024 surged to N9.1 trillion, more than double the N4.06 trillion recorded in the same period in 2023.

He noted that 4 million households—representing 20 million people—are already receiving direct financial assistance from the government, with plans to extend the program to 15 million more households.

Edun emphasized the importance of agriculture in reducing inflation and improving food affordability, while also focusing on the oil sector, Nigeria’s main source of foreign exchange.

Furthermore, the government is investing N75 billion in grants and loans for small and micro enterprises in agriculture. Larger companies will receive an additional N75 billion in support, with loans offered at a 9% interest rate to counter rising operational costs, especially after foreign exchange adjustments.

In partnership with international organizations like the World Bank, these reforms are expected to stabilize Nigeria’s fiscal outlook. The World Bank’s Country Director for Nigeria, Ndiamé Diop, commended the country’s progress, highlighting improvements in the revenue-to-GDP ratio and underscoring the importance of these reforms for long-term economic growth.