Tinubu introduces conditional cash transfer for 15 million households

admin October 17, 2023
Updated 2023/10/17 at 6:47 PM

President Bola Tinubu has introduced the Renewed Hope Conditional Cash Transfer program for 15 million households. The program was launched on Tuesday at the Press Gallery of the State House in Abuja, coinciding with World Poverty Eradication Day.

The President, represented by the Secretary to the Government of the Federation, George Akume, highlighted the importance of the program in addressing poverty in the country.

Among those present at the event were the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu; Minister Of Finance, Wale Edun; World Bank Country Director, Shubham Chaudhuri; and the United Nations Resident and Humanitarian Coordinator For Nigeria, Matthias Schmale.

This cash transfer initiative was initially announced by the President during his Independence Day speech in October 2023 and aims to support vulnerable Nigerians. The program is expected to aid 62 million citizens from the targeted households.

She stated that a total of N25,000 would be given to the beneficiaries on a monthly basis for three months, resulting in a sum of N75,000 for each beneficiary.

The minister also revealed that a new program known as ‘Iya Loja Funds’ would be launched soon, offering soft loans of N50,000 to assist small traders.

Furthermore, the minister mentioned that farmers would receive incentives at the start of the next farming season to enhance their crop yields.

The World Bank’s Country Director, Chaudhuri, expressed the organization’s commitment to supporting the program.

To ensure efficiency and transparency in distributing the funds to the beneficiaries, the finance minister stated that a biometric auditing system would be implemented.

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