Nigeria’s Minister of Finance, Wale Edun, has stated that the country is spending its increased revenue on social investments, including providing cash transfers to its citizens.
Edun made this statement during a panel session on Tuesday at the 30th Nigeria Economic Summit in Abuja. He said that Nigeria’s revenue generation has doubled due to the utilisation of efficient technologies.
He mentioned that the Nigerian government plans to implement further cash transfers to assist 20 million Nigerians in addressing economic challenges.
“The social investment programme is spearheaded by direct transfers to reach 60 per cent of the poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.
“That is how President Tinubu’s government is spending the money which is being yielded from better oil production,” he said.
In September 2024, the Nigerian government provided N24.78 billion to 991,261 impoverished households in an effort to address economic difficulties.
According to data from the National Bureau of Statistics (NBS), Nigeria generated N1.56 trillion in Value Added Tax (VAT) revenue during the second quarter of 2024.
This can be attributed to the increase in crude oil production, which rose to 1.352 million barrels in August, according to the Organisation of Petroleum Exporting Countries (OPEC).