Wale Edun Advocates for Social Protection Policies to Mitigate Nigeria Cost of Living | ClipTV Online

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, has called for the integration of social protection policies alongside economic reforms to tackle the rising cost of living in Nigeria. Speaking at the 3rd edition of the Social Protection Cross-Learning Summit in Abuja, Edun highlighted the need for effective social protection measures to promote human capital development.

Summit Overview

The summit, organized under the leadership of Vice-President Kashim Shettima, brought together stakeholders to address critical issues related to social protection and economic reforms. The event was held within the framework of a partnership between the Vice-President and the Social Protection Development Partners Group.

Key Highlights

According to a statement issued by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, the summit addressed several pressing issues:

• Social Intervention Programme: The programme includes a $1.2 billion allocation for direct payments to households, with $800 million from the World Bank and $400 million from the Federal Government’s resources. Edun emphasized the importance of using digital payments through bank accounts or mobile wallets to ensure payment integrity.
• Direct Transfers and Biometric Identification: The minister stressed the need for a biometrically and uniquely identified system for digital payments to establish trust and facilitate recurring payments across the country. This system aims to support 15 million households, with additional interventions providing N50,000 to N100,000 to families in each of the 36 states.

Critical Areas of Focus

The summit aimed to explore three critical areas:

1. Increasing Coverage and Educational/Health Outcomes for Children: Enhancing social protection coverage to improve educational and health outcomes for children.
2. Financing Social Protection: Exploring options for financing social protection, including grants from development partners and budgetary allocations.
3. Coordination for Quality and Scale: Ensuring coordinated efforts for delivering interventions efficiently and effectively to vulnerable populations.

Expected Outcomes

The expected outcomes of the summit, as projected by Edun, include:

• Enhancing understanding of the role of social protection in human capital development and economic stability.
• Developing actionable recommendations and commitments.
• Establishing milestones, delivery mechanisms, and financing solutions.

Edun expressed gratitude to the development partners, particularly the EU, for their technical and financial support in making the summit a success. He commended the partners’ resolve to foster social protection systems that contribute to the welfare of Nigerians and support the most vulnerable populations, aligning with President Bola Tinubu’s renewed hope agenda.