In response to the prevailing economic challenges and the soaring cost of living, the Federal Government has unveiled plans to reinstate direct cash transfers, aiming to reach approximately 12 million vulnerable Nigerians. This initiative aligns with President Bola Tinubu’s commitment to address the pressing issues of inflation and food scarcity.
Highlighting the urgency of the situation, the government is set to release 60,000 metric tonnes of food grains, emphasizing the goal of injecting essential commodities into the market to mitigate the rising cost of food. The move is a strategic fiscal intervention designed to alleviate the burden on citizens and drive down inflation rates.
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Defending the cash transfer program, the minister emphasized historical evidence demonstrating the positive impact of direct financial assistance in reducing poverty. By placing money directly in the hands of those in need, the government aims to empower individuals to address their most pressing needs, effectively contributing to poverty alleviation.
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“The direct cash transfer program has a direct effect on poverty,” stated the minister, underscoring the commitment to initiate the process promptly. The overarching objective of these interventions is to stimulate economic growth, generate employment opportunities, and uplift millions of Nigerians from poverty, aligning with President Bola Tinubu’s comprehensive economic policies.
As the government takes proactive measures to navigate the challenges posed by the removal of fuel subsidies, the revival of the direct cash transfer program stands as a pivotal component of the broader strategy. This initiative reflects the administration’s dedication to providing tangible relief and fostering sustainable economic development.
Source: Daily Trust
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