Finance Minister Advocates Social Protection Policies to Aid Economic Reform
The minister of finance and coordinating minister of the economy, Wale Edun, has advocated for social protection policies alongside economic reforms to address the increased cost of living in Nigeria.
In his remarks at the 3rd edition of the social protection cross-learning summit held in Abuja, the minister said the high-level meeting provided a platform for stakeholders to address pressing issues for the effective delivery of social protection towards human capital development.
According to a statement on Monday issued by Mohammed Manga, director of information and public relations at the ministry of finance, the meeting was organised under the leadership of Vice-President Kashim Shettima within the framework of the partnership between himself and the social protection development partners group.
Manga said key issues highlighted at the summit include social protection programmes and economic reforms.
“A key element of support for the poor and vulnerable is the social intervention programme, which includes a $1.2 billion allocation for direct payments to households, with $800 million from the World Bank and $400 million from Federal Government’s resources,” the statement reads.
Manga quoted the minister as stressing the importance of direct transfers to bank accounts or mobile wallets, as opposed to cash handouts, to ensure the integrity of the payments.
The goal, Edun said, is to have a biometrically and uniquely identified system for digital payments to establish trust and facilitate recurring payments throughout the country as needed.
In addition to the payments for 15 million households, the minister referred to other interventions providing N50,000 to N100,000 to families in each of the 36 states.
He emphasised the growing capacity to expand upon and replicate projects with integrity and precision, particularly given the current high cost of living in Nigeria.
According to the statement, the summit aims to explore three critical areas.
They include increasing coverage and educational/health outcomes for children; options for financing social protection (including grants from development partners and budgetary allocations); and coordination for quality, speed, and scale in delivering interventions to the public as well as vulnerable populations.
“Expected outcomes as projected by the Honourable Minister include enhancing understanding of social protection’s role in human capital development and economic stability, developing actionable recommendations, and detailing commitments, milestones, delivery mechanisms, and financing solutions,” the statement reads.
“HM Edun expressed appreciation and thanks to the development partners, particularly the EU, for their technical and financial support in making the Social Protection Cross Learning Summit a success.”
Edun commended the partners’ resolve to foster social protection systems that contribute to the welfare of Nigerians and assist the most vulnerable populations, which he said, was in line with President Bola Tinubu’s renewed hope agenda.
