Federal Government has disclosed plans to alleviate poverty by giving cash transfers to 20 million poor Nigerians.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the social investment program was created to impact 60% of the poor Nigerians.
The aforementioned statement was made during the panel session of the 30th Nigeria Economic Summit in Abuja titled ‘Fiscal Reforms for a More Secure Future’.
According to him, the economic reform agenda’s emphasis is to alleviate poverty, reduce inflation and establish more jobs opportunity.
He said, “In terms of revenue, the number one place to look was inwards, domestic resource mobilisation. That’s where the government started. By the first half of this year, revenue had doubled.
“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.
“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to government.
“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.
“That is how President Tinubu’s government is spending the money which is being yielded from better oil production.”
He further noted that the government is making plans to ensure that food is made available and affordable for Nigerians.