The Special Presidential Panel on Social Investment Programmes met in Abuja on Monday to review progress on Direct Benefit Transfers.
The review became necessary following the introduction of alternate identity verification measures, including the Bank Verification Numbers (BVN) and Voter’s Cards, for beneficiaries on the National Social Register without a National Identity Number.
A Finance Ministry statement said the Panel also engaged with the National Bureau of Statistics (NBS), National Directorate of Employment (NDE), and National Youth Service Corps (NYSC) to deliberate on the registration process for the Presidential Youth Unemployment Benefit Scheme, aiming for immediate implementation.
Meanwhile, the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, appeared before the Joint Senate and House of Representatives Committee on Finance to discuss the crucial amendment to the 2024 Finance Bill.
The proposed legislation,the DG finance ministry statement said, seeks to revise the Finance Act, 2023, to ensure the general public received a portion of the windfall profits generated by banks.
Edun, who was accompanied by
the Chairman of the Federal Inland Revenue Services (FIRS), Dr. Zacch Adedeji, clarified that the levy focused on the realised gains from banks’ foreign exchange balances.
He explained that the measure was a legitimate way for the Federal Government to generate revenue.
“These funds will be allocated to support capital infrastructure development, education, healthcare access, and public welfare initiatives, aligning with the Renewed Hope agenda of President Tinubu,” the minister said
