The administration led by President Bola Tinubu has announced the beginning of fund transfers to Nigeria’s poorest and most vulnerable citizens. This initiative was revealed by the Federal Ministry of Finance through a statement on its official X (formerly Twitter) account.
The statement noted that Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy, chaired an important meeting of the Presidential Panel on the Social Investment Program (SIP) at the Finance Headquarters. The meeting focused on reviewing the progress of the Direct Benefit Transfer (DBT) program, introducing new members of the National Social Investment Program (NSIP), and discussing the Youth Employment Benefits scheme, including essential design elements.
During the meeting, a new draft proposal for the youth employment scheme was introduced. A comprehensive report highlighted the committee’s accomplishments, particularly the successful transfer of funds directly to the poorest and most vulnerable citizens across the country. The report also detailed the new draft of the Youth Employment Benefits scheme, which is designed to combat youth unemployment through targeted interventions.
The Minister of Finance emphasized the importance of transparency and accountability in implementing social investment policies. He stressed the need for platforms that enable citizens to monitor and verify the progress of these programs, ensuring that they effectively reach those in need.
It is worth noting that the government had earlier launched grants for Vulnerable Groups, a scheme designed to provide a one-time cash grant of N20,000 to the poorest and most vulnerable Nigerians living in rural communities.
According to recent statistics, there are 133 million people living in poverty in Nigeria, with 86 million of them residing in the northern part of the country and 47 million in the southern region.
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