Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has revealed that the federal government will resume direct transfer of cash to 12 million indigent citizens to cushion the hardship they are currently going through.

The minister, who made the announcement in Uyo, Akwa Ibom State in southern Nigeria on Wednesday during a retreat organised by the ministry, said the direct cash transfer would be for the poorest and most vulnerable Nigerians.

Edun said, presently, about three million Nigerians were recipients of the programmes but due to the escalating cost of living, the “government anticipates that an additional 12 million households could qualify for these direct payments.”

“The presidential panel on the social investment programmes have prepared to go to Mr. President with an internal recommendation to restart the direct payments to the poorest and the most vulnerable. Everything is being done to ease the pain,” Edun said.

“We know that there’s been about three million beneficiaries now, but given the way the rates have gone, there are probably another 12 million people, households that can benefit from that payment.”

He further noted that the expansion of the direct cash transfer is projected to reach a wider population who are currently struggling with the economic situation and to put more money directly in the hands of those who need it most, allowing them to prioritise their needs and alleviate poverty.

“The decision to inform the President of the Panel’s decision before the final report is completed is to keep the President abreast of developments,” he said.

“The only thing delaying that is not waiting for the end of the report. It is something that the intervention is meant to happen immediately.

“We have experts in technology, the commitment was to make sure that we use technology to ensure that we have a seamless payment, a seamless movement between the registered and the direct beneficiaries, without any manual processes in between. So it’s taking time to automate that process immediately that direct payment will resume.

“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.

“History has shown, evidence has shown that when you pay someone directly, you put money in their hand. It reduces poverty because they decide where the shoe is pinching most.

“So it is a direct benefit, it has a direct effect on poverty. It alleviates, and there’s a commitment to immediately start that process. So that is, as far as these interventions are concerned and the landscape which we as a team are facing, we have a commitment to help to bring down inflation.

“Growing the economy, creating jobs and lifting millions and millions of Nigerians out of poverty, that’s the ultimate goal of President Bola Tinubu and his economic policies.”