To commemorate World Poverty Eradication Day, President Bola Tinubu has launched the “Renewed Hope Conditional Cash Transfer” program aimed at assisting 15 million vulnerable households in Nigeria.
This initiative represents a significant step in the ongoing battle against poverty and is designed to alleviate the impact of the fuel subsidy removal.
The launch event took place at the Press Gallery of the State House in Abuja on Tuesday, with President Tinubu being represented by George Akume, the Secretary to the Government of the Federation.
Notable figures in attendance included the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu; the Minister of Finance, Wale Edun; World Bank Country Director, Shubham Chaudhuri; and the United Nations Resident and Humanitarian Coordinator for Nigeria, Matthias Schmale.
This program, initially introduced by President Tinubu in his Independence Day address on October 1, 2023, is to provide support to 15 million households, comprising 62 million Nigerians.
Each beneficiary will receive N25,000 per month for three months, totaling N75,000.
In addition to this financial aid, Betta Edu also disclosed plans for the forthcoming ‘Iya Loja Funds,’ a program set to provide soft loans of N50,000 to empower small-scale traders.
She noted that as the farming season approaches, farmers can look forward to incentives designed to boost agricultural productivity.
The World Bank, through the commitment of Shubham Chaudhuri, has pledged its support to this monumental project.
Furthermore, to ensure accountability and efficiency in fund distribution, Finance Minister Edun has revealed the implementation of a robust biometric auditing system.