FG resumes N75,000 cash payment

The federal government on Tuesday announced the restoration of the suspended social investment program that aims to provide direct payments to 75 million Nigerians in 50 million households.

The initiative aims to alleviate the hardships faced by citizens, especially vulnerable groups, as revealed during the Ministerial Sector Briefing to mark President Bola Tinubu’s first year in office.

Wale Edun, Minister of Finance and Coordinating Minister for the Economy, disclosed that the cash transfer program has undergone significant changes to eliminate and reduce fraud.

This announcement comes after President Tinubu on January 12 suspended all activities of the National Social Investment Program Agency (NSIPA) for a period of six weeks due to alleged mismanagement.

At the same time, on January 8, Betta Edu, Minister of Humanitarian Aid and Poverty Alleviation, was suspended.

The intervention programs affected by this suspension included N-Power, the Conditional Cash Transfer Scheme, the Government’s Entrepreneurship and Empowerment Scheme and the National School Feeding Initiative.

On March 13, the House of Representatives called on the federal government to resume social investment initiatives.

To reform the program, President Tinubu established a Special Presidential Panel, headed by Edun, to conduct an intensive review and audit of the existing financial framework and policy guidelines of social investment programs.

Briefing on the commission’s progress, Edun stressed the government’s commitment to helping poor Nigerians.

“I have an obligation to provide you with an overview of the president’s strategy, policies and implementation of the reform agenda,” Edun said.

“Immediately after taking office, the President initiated macroeconomic reforms aimed at restoring stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms.

“These reforms have resulted in skyrocketing costs for individuals and businesses, but the president is trying to offset the negative impacts with interventions that cover the entire social spectrum.”

Edun unveiled the government’s renewed social investment program, which includes direct payments to 75 million Nigerians in 50 million households.

He also mentioned improving access to credit, with £1 billion in consumer loans and £50,000 grants for 1 million nano-industries.

Regarding food security, Edun noted a global impact, covering 30% of the world’s population.

He stressed that agriculture is crucial to addressing food insecurity, mentioning the 200 billion yen intervention fund provided by the Ministry of Finance.

He also discussed the emergency plan prepared by the President on food security, emphasizing the importance of food, nutrition and safety.

Edun detailed the government’s efforts to ensure prudent and accountable spending, including direct payments to contractors, suppliers and vendors.

He revealed plans for an economic emergency plan to be implemented over the next six months to stabilize the economy and boost growth.

“A payment system has been implemented to ensure that Nigeria’s money is spent wisely and responsibly,” Edun said.

“The government has played a role in helping states attract low-cost financing and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch upgrading and improving Nigeria’s rates to positive.

The minister also discussed the transition to compressed natural gas (CNG) and other sustainable energy sources, highlighting government policies to reduce dependence on traditional fossil fuels.

He expressed optimism about attracting significant investment and improving Nigeria’s economic trajectory.

Edun assured that Nigeria has sufficient resources to meet its debt obligations both at home and abroad, attributing this to the revival of the country’s revenue streams through macroeconomic reforms.

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