FG Expands Social Investment Programme, Targets 20Mn Beneficiaries
By Patience Ikpeme
The Federal Government has announced a plans to expand its social investment programme to provide direct financial transfers to 20 million vulnerable Nigerian citizens.
The was made known by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a plenary session at the 30th Nigerian Economic Summit (#NES30) in Abuja.
Edun stated that the programme targets the poorest 60% of the population and intends to reached 20 million individuals across 4 million households.
The government he said has plans to further extend the programme to cover 15 million households in the coming months.
In addition to the social investment program, Edun stated other government initiatives aimed at improving the lives of Nigerians. These include student loans, consumer credit, and support for small-scale businesses in the agricultural sector.
The World Bank Country Director, Ndiamé Diop, commended the Nigerian government’s efforts in resource management but cautioned against the increasing spending needs due to population growth, urbanization, and climate change.
Diop emphasized the importance of increasing revenue to avoid severe financial strain.
He also warned against relying on debt to finance these needs, stating that it is unsustainable in the long run.
Diop cited the experience of 2022, when the country faced escalating debt service costs due to high debt levels and low revenue.
