Federal Government Reactivates Social Investment Program to Support 75 Million Nigerians
ABUJA, Nigeria — The Federal Government announced on Tuesday the reactivation of the temporarily halted social investment program, aimed at providing direct financial assistance to 75 million individuals in 50 million households. This initiative is designed to alleviate the hardship faced by citizens, particularly those in vulnerable groups.
The announcement was made by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a ministerial sectoral briefing in Abuja to commemorate the first year of President Bola Tinubu’s administration.
Earlier this year, on January 12, President Tinubu temporarily suspended all activities of the National Social Investment Programme Agency for six weeks. This suspension was intended to allow for an investigation into suspected misconduct within the organization’s management and operation of the program.
Minister Edun provided an overview of the government’s strategy and the implementation of President Tinubu’s reform agenda. “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr. President’s reform programme. Immediately upon assuming office, Mr. President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr. President is committed to counterbalancing the negative effects with interventions across the social spectrum,” Edun stated.
He further elaborated on the reactivated social investment program, noting, “The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1 billion allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”
The reactivation of the social investment program is expected to provide much-needed relief to millions of Nigerians, supporting households and small-scale industries across the country. The government’s commitment to this initiative underscores its dedication to mitigating the economic challenges faced by its citizens and fostering inclusive growth.
As the program resumes, all eyes will be on its implementation and impact, especially in light of the recent investigations and reforms aimed at ensuring its efficiency and effectiveness.
