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Home Business News

FG to spend N610 billion for cash transfer program, wage award

Aghogho Udi by Aghogho Udi
November 2, 2023
in Business News
President Bola Ahmed ,

President Bola Ahmed Tinubu(Image credit: The president’s Twitter account)

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The Federal Government will spend the sum of N610 billion for temporary wage awards to federal civil servants and a conditional cash transfer program to vulnerable individuals and households.

This is according to the proposed supplementary budget for Ministries, Departments and Agencies (MDAs) seen by Nairametrics.

In the document, the wage award for four months will cost the federal government around N210 billion while the conditional cash transfer will gulp N400 billion.

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Backstory

During President Tinubu’s Independence Day address to the nation, he announced an N25,000 wage award to “low-grade workers” in the federal civil service as part of measures to avert a nationwide protest already in the pipeline by organized labour unions across the country.

However, after further negotiations with organized labour unions, the amount was increased to N35,000 and applied to all cadre of workers in the federal civil service.

Also, the Ministry of Humanitarian Affairs and poverty alleviation has embarked on a series of interventions to address poverty and provide succour to the most vulnerable Nigerians in the wake of fuel subsidy removal and record-level inflation.

In October, the ministry launched the conditional cash transfer program aimed to transfer N25,000 to 15 million households for three months.

Also, the ministry is planning to begin the N75 billion market women fund also called the “Iyaloja” fund which will provide interest-free loans of up to N50,000 to market women across the 109 senatorial districts across the country.

The Minister of Humanitarian Affairs and poverty alleviation said the program will commence in November.

More analysis

The removal of fuel subsidies and other reforms undertaken by President Tinubu’s reforms pushed Nigeria’s inflation rate to record levels.

The World Bank had estimated that the removal of fuel subsidies would send around 7 million Nigerians into poverty.

To mitigate this scenario, the administration of former President Buhari secured an $800 million World Bank facility for cash transfer to poor Nigerians.


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Tags: cash transfer programPresident Bola Ahmed Tinubuwage award
Aghogho Udi

Aghogho Udi

My name is Aghogho Udi, a writer, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader African context. My focus lies in shedding light on the intricate connections between macroeconomics and politics, offering valuable insights that foster comprehension of Africa's prevailing economic landscape and the world in general.

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Comments 5

  1. Sani m. Isah says:
    November 2, 2023 at 10:43 am

    We are praying and patiently waiting for cash disbursement. We pray it serve it purpose .

    Reply
  2. Moses Udom says:
    November 2, 2023 at 12:46 pm

    I appreciate the federal government for embarking on this program to mitigate poverty in the country. I want to appeal to the federal government for the effective transparency of the program by making the link to be accessible to all Nigerians because it is quite disheartening to hear that some states are benefiting from it while others are not. Please I hope that all states should apply concurrently to ensure transparency. Thanks.

    Reply
    • Jiddah M. A Ajayi says:
      November 2, 2023 at 4:34 pm

      Wage awards for just four months, short term conditional cash transfer for a short while, inflation and other sufferings ( owing to subsidy removal) for a life time. What a typical African irony.
      When we add up such a # 610 billion supplementary budgetary appropriation and the stiff pains we’ll have to endure with,the Subsidy removal is simply evil policy exemplified. I wish it’s never removed for the general cost far out weights the gains…

      Reply
    • NextGen says:
      November 3, 2023 at 5:20 am

      Cash transfers do NOT “mitigate poverty”. It merely exacerbate inflation!

      If the government truly wants to mitigate poverty, it would be improving security, improving electricity and other infrastructure, access to clean water, and investing in human capital development (healthcare, skill development, basic education, etc.) – and stop buying luxury vehicles and flying about in private jets, etc.

      Reply
  3. Adu ngutor iorchia says:
    November 4, 2023 at 7:46 am

    Nigeria government are doing well please and please keeping it on

    Reply

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