- FG Working To Alleviate Hardship, Especially For Poor And Vulnerable
Following the hardship that has accompanied the economic policies of President Bola Ahmed Tinubu, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun has revealed the various measures that will be deployed by the government to address the biting economic hardship experienced by Nigerians.
Upon his assumption of office as Nigerian President, President Tinubu has declared an end to fuel subsidy and the floating of the naira among other reforms, these reforms have led to a rising cost of living and economic hardship for Nigerians, sparking protests in many parts of the country.
However, while appearing on an interview on Channels Television, Edun spoke about a wide range of issues including the cost of living, inflation, cash disbursements to households, food security, and collaboration with the Central Bank of Nigeria, interest rates, and more.
He admitted that President Tinubu’s government anticipated a rise in the cost of food and other essential items owing to the reforms.
He unveiled the various measures that would be deployed by Tinubu’s administration to address the challenges.
“What I think is important to say at this time is that food prices in particular are elevated and we all know why. It is part of the generally expected rise in inflation as the macroeconomic measures, as the reform measures, the corrective measures to put the economy on a straight path take effect,” he said.
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He said the Federal Government is working to alleviate the hardship, especially for the poor and vulnerable.
“But I think the important thing to point out, at this time, is that the focus of Mr President is on keeping his promise, particularly to the poor and the vulnerable. Food prices are elevated, and the purchasing power is limited and that is what Mr President is speaking directly to through the intervention programme of direct payments of N75,000 each over three months,” Edun said.
“That is N25,000 a month to 15 million households and each household is about five people. So, that effectively provides funding for 75 million people.”
The minister also re-echoed the Federal Government’s plan to provide grains to help cushion the rising cost of food items.
“More recently, there was a 42,000 metric tonnes release from the strategic reserves with another 60,000 metric tonnes to come. This is all in a bid to make sure there is food in the marketplace,” the minister said.
