Hardship: Government Will Give Money to the Poor and N50,000 To Small Business

The Minister of Finance, Professor Wale Edun, has announced that the government is launching a new intervention program to provide financial assistance to the poor and small businesses in the face of the rising cost of living.

The program will involve implementing a direct payment system to enable people to buy essential food items, as well as extending a non-repayable grant of N50,000 to artisans, traders, youth, and nano-businesses.

In an interview with Arise TV, Professor Edun said that the government is aware of the challenges faced by the vulnerable segments of the society………………..CONTINUE READING

 

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He said that the government is committed to ensuring food security and supporting the informal sector, which accounts for a large share of the economy.

“The emphasis now is on making sure the purchasing power to buy food is in the hands of the poor and the vulnerable in the society. So given that, with the kind of cost of living spike that we are seeing, the most direct way is to give people money to buy food in the market. So in addition to the direct payment system that is now being revamped, it will now be immediately implemented. There is also an attempt to give artisans, traders, youth, and nano-businesses a non-repayable grant of N50,000 under the same intervention program scheme of Mr. President,” he said……………...CONTINUE READING

 

He added that the direct payment system and the grant scheme will be transparent and accountable, and that the beneficiaries will be identified and verified through a digital platform. He also said that the government will monitor the impact of the program on the welfare of the people and the performance of the small businesses.

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The intervention program is part of the government’s efforts to stimulate the economy and mitigate the effects of the recession that hit the country last year.

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