The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has advocated for social protection policies alongside economic reforms to address the elevated cost of living in the country.
In his remarks at the 3rd edition of the Social Protection Cross Learning Summit held in Abuja, Friday, the Minister observed that the high-level meeting, organised under the leadership of the Vice President, Kashim Shettima within the framework of the partnership between himself and the Social Protection Development Partners Group, provided a platform for stakeholders to deliberate on addressing pressing issues for effective delivery of social protection towards human capital development.
Key issues highlighted at the submmit 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.
Direct Cash Transfers and Integrity
The Honourable Minister emphasized the importance of direct transfers to bank accounts or mobile wallets, rather than cash handouts, to ensure the integrity of the payments. The goal is to have a biometrically and uniquely identified system for digital payments to establish trust and enable repeated payments throughout the country as needed.
Ongoing and Planned Social Protection Programmes
In addition to the payments for 15 million households, the Honourable Minister referred to other interventions providing 50,000 Naira to 100,000 identified families in each of the 36 States. He highlighted the increasing ability to build upon and repeat programmes with integrity and rigour, especially given the elevated cost of living in Nigeria at this time.
Summit Objectives and Expected Outcomes
The Summit aimed to explore three critical areas: 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.
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.
He commended the partners’ resolve to foster social protection systems that contribute to the welfare of Nigerians and help the most vulnerable populations, which he said, is a top priority of President Bola Ahmed Tinubu’s Renewed Hope Agenda
Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
July 15, 2024
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