By James Moses (9News Nigeria)
The Federal Government has expressed concern over the economic crunch hitting Nigerians, saying some 60,000 metric tonnes of grains have been released and more cash life-line targetting 12 million vunerable Nigerians.
The Minister of Finance and Coordinating Minister of Economy, Wale Edun, made this known on Wednesday in Uyo, Akwa Ibom State at the retreat for management and staff of the ministry and heads of parastatals under the ministry, explained that transfers which was temporarily halted would soon return after necessary reviews and adjustments.
He said while the initial was designed for three million citizens, the current hardship in the land has become a factor in increasing the number of the recipients to 12 million.
His words: “The Presidential Panel on Social Investment Programmes has prepared to go to Mr President with an internal recommendation to restart direct payment to the poorest and most vulnerable. Everything is being done to ease the pain”
He maintained that Nigeria remained on course toward economic stability, pointing out that the present forex challenges and inflation were the inevitable effects of efforts to stabilize the economy.
“We are working hard to ensure that finances of the nation which used to be in few hands to the detriment of other Nigerians is reversed. Such corrective actions are longer overdue”, he assured.
Edun said the Central Bank of Nigeria (CBN) and the Federal Government have continued to work on reducing and stabilizing the exchange rate, while over 60,000 metric tonnes of grains have been released to drive down the cost of food items.
The Minister said the government remained committed to using financial engineering and increased revenue generation to fight the current inflation, adding that a new method of direct payment of unconditional cash transfers to vulnerable Nigerians would ensure increased transparency and effectiveness.
He called for unity of purpose amongst all the Ministries, Department,s and Agencies (MDAs) responsible for the economy, and expressed hope, that the fight against economic instability and hardship would eventually be won.
-9News Nigeria.
