The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, has lauded the Conditional Cash Transfer (CCT) as a pivotal tool in the global battle against poverty.
Her remarks came during the launch of the Renewed Hope Conditional Cash Transfer (CCT) in Abuja on Tuesday.
Minister Edu underscored that the CCT program forms an integral part of the initiatives spearheaded by the administration led by President Bola Tinubu to mitigate the immediate repercussions of the removal of subsidy on Premium Motor Spirit (PMS), commonly known as petrol.
She further explained that this novel initiative would empower the most economically disadvantaged and vulnerable segments of society, functioning as a means of uplifting a significant portion of its beneficiaries.
Notably, the launch event included the symbolic distribution of cheques to several households.
The CCT program, as initially announced by President Tinubu in his Independence Day address, involves providing N25,000 per month for three consecutive months to each of the 15 million households, aiming to alleviate poverty levels.
The transfers under the CCT are contingent on specific actions, such as sending children to school or maintaining regular health check-ups.
Minister Edu reiterated that the provision of N25,000 to each beneficiary would bolster their purchasing power and enhance their economic prospects within society.
She also highlighted the forthcoming introduction of the N30,000 Iyaloja loan scheme, designed to support small-scale traders and contribute to economic revitalization and empowerment.
At the event, five beneficiaries, namely Larai Suleiman, Shuaiabu Hassana, Sariki Gamu, Okor Jonah, and Hameed Isiaka, received their first monthly installment payment.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, assured that the CCT program would adhere to transparent practices in line with established global standards.
He emphasized that the program includes mechanisms for disclosing all beneficiaries upon request.
The World Bank Country Representative, Mr. Shubham Chaudhuri, expressed the institution’s readiness to support Nigeria in the bold economic move of reallocating funds away from fuel subsidies.
He stressed the bank’s commitment to assisting its 189 member states in eradicating poverty among their populations.
Chaudhuri identified the CCT program as a part of the palliatives pledged by the president to alleviate the immediate effects of the subsidy removal.
He urged relevant authorities to ensure that the funds reached the most vulnerable segments of society to effectively achieve its objectives.