The Federal Government says at least 15 million Nigerian households will directly benefit from its ongoing economic reforms designed to cushion hardship and promote inclusive growth.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the disclosure at the Oxford Global Think Tank Leadership Conference held in Abuja, reaffirming the government’s commitment to transparency and grassroots empowerment.
Edun explained that the administration had created a digital payment infrastructure to ensure that funds reach verified beneficiaries directly and without interference.
“Each beneficiary is identified by name and national identity number. Payments are made digitally either to their bank accounts or mobile wallets,” he said.
The minister added that the government will soon publish data on beneficiaries of the first, second, and third tranches of payments under the reform initiative.
He also unveiled a ward-based development programme that will channel resources to all 8,809 wards across Nigeria, targeting local entrepreneurs and small business owners.
“Our goal is to stabilize the economy and ensure that the benefits reach right down to the grassroots,” Edun stated, emphasizing the administration’s focus on inclusive economic transformation.
The minister further praised Nigerian youths for embracing values of empathy, integrity, and responsibility, describing them as the foundation for building a new generation of transformative leaders.
At the same event, Arunma Oteh, former Director-General of the Securities and Exchange Commission (SEC) and founder of the Oxford Global Think Tank, urged the government to increase infrastructure investment from the current 4–5% of GDP to at least 12%, in order to close Nigeria’s infrastructure gap.
“If we want to bridge our infrastructure gap, we must raise investment and diversify our economy through mineral development,” Oteh said, highlighting that Nigeria has over 40 underutilized minerals.
Also speaking, Emir of Kano and former CBN Governor, Sanusi Lamido Sanusi, said Nigeria’s current economic challenges stem largely from delayed fuel subsidy removal.
“If we had removed it in 2012, inflation would have risen slightly and stabilized. Now it’s above 30%. This is the cost of delay,” he said.
Sanusi described the defunct subsidy system as an “open-ended hedge” that forced the government into unsustainable borrowing to fund consumption. He, however, commended the CBN Governor, Olayemi Cardoso, for refocusing on monetary discipline and economic stability.
