The Federal Government of Nigeria has announced plans to provide cash transfers to 20 million vulnerable Nigerians as part of efforts to alleviate economic hardship. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this known on Tuesday, October 15, stating that the increased revenue projected for the 2024 fiscal year will fund various social intervention programs aimed at benefiting Nigeria’s poorest citizens, estimated to be around 60% of the population.
This initiative is expected to help reduce inflation, generate employment, and drive growth in critical sectors such as agriculture, manufacturing, oil, and housing. Speaking at the 30th Nigeria Economic Summit, Edun noted that government revenue for the first half of 2024 more than doubled, reaching N9.1 trillion compared to N4.06 trillion during the same period in 2023.
Currently, around 4 million households—representing approximately 20 million people—are benefiting from direct financial support, with plans to extend this aid to 15 million households in the near future.
Edun also emphasized the importance of the agricultural sector in combating inflation and enhancing food availability. The government is focusing on the oil industry, which remains the country's key source of foreign exchange. Additionally, N75 billion in grants and loans has been allocated to small and micro-enterprises in the agricultural sector, while larger businesses will receive the same amount in loans at a 9% interest rate to help cushion the impact of rising operational costs.
The Minister highlighted the government's collaboration with international bodies such as the World Bank to stabilize Nigeria’s fiscal position. The World Bank’s Country Director for Nigeria, Ndiamé Diop, acknowledged the country’s progress, particularly in improving its revenue-to-GDP ratio, and stressed the importance of these reforms in ensuring long-term economic growth.
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