The Federal Government announced that it had restored a suspended social welfare program.
It revealed that the program would give direct payments to 75 million Nigerians in 50 million households to alleviate the hardships faced by citizens, particularly those in vulnerable groups.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this announcement during the ministerial sectoral briefing in Abuja, marking the first year of President Bola Tinubu’s administration.
Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.
“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”
On January 12, Tinubu halted all the programs run by the National Social Investment Programme Agency for six weeks to investigate suspected wrongdoing in the management of the agency and the program.
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