The federal government has finalized plans to distribute ₦75,000 in cash to 70 million Nigerians to alleviate the current economic challenges, Senior Special Assistant to the President on Public Affairs, Hon. Aliyu Audu, announced on Sunday.
This initiative is part of President Bola Ahmed Tinubu’s broader strategy to combat poverty and improve the livelihoods of citizens. Audu emphasized that the administration’s proactive measures over the past 19 months have demonstrated a commitment to economic recovery and growth.
Audu highlighted significant achievements under Tinubu’s leadership, including a marked influx of foreign portfolio investments and improved debt servicing. He noted that approximately 23% of foreign reserves, amounting to $7.69 billion, have flowed into the country within a year, driven by effective fiscal and monetary policies.
The Central Bank of Nigeria’s strategic interest rate management has incentivized foreign exchange inflows while increased oil production and a revitalized non-oil sector have boosted federal revenues.
State and local governments have benefited from increased federal allocations, with some seeing triple growth. These funds have facilitated better payment structures for contractors and improved access for farmers, reducing food prices across the country.
In agriculture, the administration’s mechanization efforts are evident in the delivery of 255 tractors to farmers, which is expected to drive significant food surpluses.
Audu also commended the repatriation of $52.88 million in looted funds from the United States, underscoring Tinubu’s dedication to fiscal accountability and integrity.
As President Tinubu nears his second year in office, Audu called on stakeholders within the All Progressives Congress (APC) to engage more Nigerians and promote the administration’s people-oriented policies. He expressed confidence that Tinubu’s bold economic initiatives would continue to deliver tangible benefits, fostering growth and reducing poverty across the nation.
