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.
The Secretary to the Government of the Federation, George Akume represented the President at the event.
In attendance are 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; among other dignitaries.
The President had in his maiden Independence Day broadcast to Nigerians on October 1, 2023, announced the cash transfer programme which he said would target vulnerable citizens.
The 15 million households, according to the humanitarian affairs minister, represent 62 million Nigerians.
She said that the sum of N25,000 would be transferred to the beneficiaries on a monthly basis for three months, which amounts to N75,000 for each of the beneficiaries.
The minister also disclosed that in no distant time, another scheme would be launched, code-named ‘Iya Loja Funds’ which would provide soft loans of N50,000 to support petty traders.
In addition, at the beginning of the next farming season, she said that farmers would be provided with incentives to boost their farm yields.
The Country Director of the World Bank, Chaudhuri, pledged his organization’s support to the scheme.
The finance minister said a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of funds to beneficiaries.