Finance Minister Wale Edun has revealed that about nine million of the poorest households in Nigeria have received direct cash transfers under the Federal Government’s ongoing economic reform programme. The Minister of Finance and Coordinating Minister of the Economy made this known while highlighting efforts to cushion the impact of subsidy removal, foreign exchange reforms, and rising inflation on vulnerable citizens.
Wale Edun explained that the large-scale disbursement reflects the government’s determination to combine fiscal discipline with strong social protection measures. According to him, the direct cash transfer initiative is specifically designed to protect low-income Nigerians from short-term economic shocks while broader structural reforms take effect.
He stressed that the administration remains focused on transparency, accountability, and efficiency in delivering financial support to the poorest households. By prioritising digital payment systems and verified beneficiary registers, Wale Edun said the government is ensuring that funds reach those who genuinely need assistance.
Wale Edun Highlights World Bank-Backed Economic Reforms and Social Protection
Wale Edun further disclosed that the cash transfer programme is supported by the World Bank, particularly through its concessional financing arm, the International Development Association. He noted that this collaboration has provided Nigeria with affordable funding to strengthen its social safety nets during a critical reform period.
According to Wale Edun, the partnership underscores international confidence in Nigeria’s reform agenda. He explained that beyond macroeconomic adjustments, the government is deliberately embedding social investment strategies into its economic stabilisation framework to prevent increased poverty levels.
The minister maintained that balancing reform with compassion remains a key priority. Wale Edun reiterated that while the government pursues fiscal consolidation and revenue growth, it is equally committed to shielding vulnerable households from economic hardship through well-targeted interventions.
Wale Edun Emphasises Poverty Reduction and Inclusive Growth Strategy
Speaking on the broader impact of the programme, Wale Edun said the direct cash transfers are aimed at reducing poverty, stimulating grassroots economic activity, and promoting inclusive growth across Nigeria. He explained that beneficiaries were selected through the National Social Register to ensure that only verified low-income households receive support.
Wale added that the initiative is part of a long-term strategy to build resilience among vulnerable populations. By injecting liquidity directly into poor communities, the government expects increased spending on essential goods and services, thereby supporting local economies.
Reaffirming the administration’s commitment to sustainable development, Wale assured Nigerians that monitoring mechanisms are in place to track performance and impact. He concluded that the government will continue working with development partners to expand social protection programmes while maintaining economic reform momentum
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