Wale Edun Explores the Role of Cash Transfers in Poverty Reduction
The federal government is gearing up to reinstate direct cash transfers to eligible Nigerians, aiming to alleviate the prevailing economic challenges. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, disclosed this during the Ministry’s retreat in Uyo, Akwa-Ibom state, on Wednesday.
The initiative aims to provide financial relief to the poorest and most vulnerable citizens. Edun emphasized that the existing direct cash transfer program, benefiting three million individuals, will now be expanded to include an additional twelve million beneficiaries.
According to the finance minister, “The presidential panel on the social investment programmes has prepared to present an internal recommendation to restart the direct payments to the poorest and the most vulnerable.
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Everything is being done to ease the pain.” Edun highlighted the use of technology to facilitate transparent and efficient payments, eliminating manual processes and delays.
The Minister clarified that the decision to inform the President of the Panel’s decision before the final report is a strategic move to keep him updated on developments. Edun emphasized the commitment to utilizing technology for seamless payments and reiterated the immediate nature of the intervention.
Explaining the government’s choice of the direct cash transfer method, Edun pointed to historical evidence showing its effectiveness in reducing poverty. He stated, “When you pay someone directly, you put money in their hand. It reduces poverty because they decide where the shoe is pinching most.”
Edun outlined the commitment to starting the process promptly and highlighted its positive impact on poverty reduction.
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Regarding President Bola Tinubu’s intervention to release 60,000 metric tonnes of food grains, Edun emphasized its aim to enhance food availability and lower costs.
He stated, “The goal is to put food, to put feed into the mill, into the market, in an attempt to drive down the cost of food and make food available. Right now, that is the key priority in terms of the fiscal side, in terms of the government side.”
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