The federal government has revealed that a social investment programme is targeted to impact 60 per cent of the poorest, reaching 20 million persons via cash transfer.

The disclosure was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun while speaking at a panel summit titled ‘Fiscal Reforms for a More Secure Future’ during the 30th Nigeria Economic Summit in Abuja on Tuesday.

According to Edun, the increased revenue is aimed at financing social programmes to mitigate the impact of essential but challenging reforms that have affected the cost of living.

“In terms of revenue, the number one place to look was inwards, domestic resource mobilisation. That’s where the government started. By the first half of this year, revenue had doubled.

“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.

“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to government.

“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.

“That is how President Tinubu’s government is spending the money which is being yielded from better oil production,” he stated.

THE SUN