President Bola Tinubu has launched the Renewed Hope Conditional Cash Transfer for 15 million households.
The launch was held at the Press Gallery of the State House in Abuja on Tuesday, coinciding with World Poverty Eradication Day.
Representing the President at this remarkable occasion was George Akume, the Secretary to the Government of the Federation.
Notable attendees included Betta Edu, the Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, the Minister of Finance; Shubham Chaudhuri, World Bank Country Director; and Matthias Schmale, the United Nations Resident and Humanitarian Coordinator for Nigeria, along with several other esteemed dignitaries.
The inception of this visionary initiative can be traced back to President Tinubu’s Independence Day address to Nigerians on October 1, 2023, where he announced the launch of a cash transfer program meticulously aimed at assisting vulnerable citizens.
Remarkably, the 15 million households identified by the Minister of Humanitarian Affairs represent a staggering 62 million Nigerians.
As part of this groundbreaking initiative, each beneficiary will receive a monthly cash transfer of N25,000 for a duration of three months, culminating in a substantial N75,000 per recipient.
Furthermore, in the near future, the government is planning to introduce another initiative dubbed ‘Iya Loja Funds,’ a program set to provide soft loans of N50,000 to support small-scale traders.
Additionally, farmers will receive incentives at the commencement of the upcoming farming season to enhance their agricultural productivity.
The World Bank, as represented by Chaudhuri, pledged its unwavering support to this pivotal scheme, emphasizing its commitment to its success.
To ensure the efficient and transparent disbursement of funds to beneficiaries, the Finance Minister stated that a robust biometric auditing system will be put in place, safeguarding accountability and efficiency. This initiative represents a landmark effort to alleviate poverty and boost the well-being of millions of Nigerians.