Federal Government Cash Transfer Program Update for Today 22nd February 2024

Responding to the prevalent economic challenges and the escalating cost of living, the Federal Government has disclosed its intention to reinstate the direct cash transfer program, targeting around 12 million vulnerable Nigerians. This move is in line with President Bola Tinubu's commitment to addressing inflation and food scarcity issues.

Emphasizing the urgency of the situation, the government is poised to release 60,000 metric tonnes of food grains, with the primary objective of injecting essential commodities into the market to counter the rising cost of food. This strategic fiscal intervention aims to alleviate the burden on citizens and combat escalating inflation rates.

In defense of the cash transfer program, the minister highlighted historical evidence demonstrating the positive impact of direct financial assistance in reducing poverty. By directly providing funds to those in need, the government aims to empower individuals to address their most pressing needs, effectively contributing to poverty alleviation. CONTINUE READING.....

"The direct cash transfer program has a direct effect on poverty," stated the minister, underscoring the commitment to promptly initiate the process. 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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