In a bid to alleviate economic hardships faced by Nigerians, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has announced significant interventions by the Federal Government. Speaking on Channels Television, Edun highlighted President Bola Tinubu’s commitment to addressing the country’s challenges.
The removal of fuel subsidies and the escalating foreign exchange rates have intensified the cost of living across Nigeria, burdening many households. In response, the government has devised intervention programs aimed at providing direct relief to households.
Under these revamped programs, each of the 15 million households will receive N75,000 over three months, amounting to N25,000 monthly. This initiative targets to support 75 million individuals, offering substantial financial assistance during these challenging times. To ensure transparency and accountability, beneficiaries will need to possess a National Identification Number (NIN) and a Bank Verification Number (BVN) or access to mobile money accounts.
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Additionally, the government plans to bolster productivity by providing artisans, traders, women, and youths with grants of N50,000 to kickstart nano businesses. Through digital verification processes, these grants aim to reach at least 1000 people in every local government area, totaling N50 billion in assistance.
Edun emphasized that the current economic situation stems from an accumulation of liquidity in the system over eight years, leading to excess demand without corresponding production. The ongoing reform measures seek to rectify this disparity and promote economic stability.
Furthermore, the government is deploying technology to streamline payment processes, ensuring that funds reach their intended recipients without intermediaries. These microeconomic initiatives are poised to offer significant relief and pave the way for sustainable economic recovery.
By implementing targeted interventions and leveraging technology, the Federal Government aims to alleviate economic hardships and empower households across Nigeria.
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