In a bid to alleviate the suffering of vulnerable Nigerians, the Federal Government announced the reinstatement of its social investment programme, which aims to provide direct payments to 75 million individuals across 50 million households.
This was revealed by Finance Minister Wale Edun during a ministerial briefing marking President Bola Tinubu’s first year in office.
Earlier this year, President Tinubu suspended all programmes under the National Social Investment Programme Agency (NSIPA) due to alleged mismanagement.
This suspension included initiatives such as N-Power, the conditional cash transfer scheme, and the home-grown school feeding initiative.
But following a review by a Special Presidential Panel led by Edun, the decision was made to restart the program with enhanced measures to prevent fraud.
Minister Edun highlighted that the revived program is part of broader economic reforms aimed at stabilizing Nigeria’s economy, which has been under strain due to subsidy reforms and fluctuations in the foreign exchange market.
The new measures also include improved access to credit, with significant funds allocated to support small industries and consumer credit.
Food inflation remains a significant challenge in Nigeria, driven in part by the removal of petrol subsidies.
Edun noted that agriculture is a critical sector in addressing this issue, with a N200 billion intervention program being launched to bolster food security and reduce inflation.
Additionally, the government is implementing direct payments to contractors and suppliers to curb corruption and ensure transparent use of national resources. This is part of a broader Economic Emergency Plan intended to stabilize the economy over the next six months.
The government has also seen improvements in its international credit rating, thanks to reforms that have revitalized revenue streams.
The minister said the financial stability has allowed Nigeria to meet its debt obligations more comfortably, restoring confidence in its economic management.
He said the infrastructure development remains a priority, with new funding initiatives aimed at supporting housing construction and low-interest mortgages.
