President Bola Tinubu marked World Poverty Eradication Day by officially launching the Renewed Hope Conditional Cash Transfer programme, aimed at benefiting 15 million households in Nigeria, News About Nigeria gathered.
The launch event took place at the Press Gallery of the State House in Abuja and was attended by high-profile government officials, diplomats, and other dignitaries.
Secretary to the Government of the Federation, George Akume, represented President Tinubu at the event, emphasising the administration’s commitment to addressing poverty and uplifting vulnerable citizens.
Among the distinguished guests present 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.
The President initially announced the conditional cash transfer program in his Independence Day broadcast on October 1, 2023, where he outlined its focus on supporting vulnerable citizens across the country.
The program, led by the Minister of Humanitarian Affairs and Poverty Eradication, aims to reach 15 million households, which equates to approximately 62 million Nigerians.
Beneficiaries will receive N25,000 each month for three months, totaling N75,000 in financial support.
Minister Betta Edu also revealed that an additional initiative, named ‘Iya Loja Funds’, is in the pipeline. This program will provide soft loans of N50,000 to assist petty traders, further bolstering economic opportunities for those in need.
Furthermore, the government is planning to support farmers at the onset of the next farming season by providing incentives to enhance agricultural yields, demonstrating a holistic approach to poverty alleviation.
The Country Director of the World Bank, Shubham Chaudhuri, expressed the organisation’s commitment to supporting the scheme and its goals, emphasising the importance of collaboration between the government and international partners to eradicate poverty.
Finance Minister Wale Edun announced that a biometric auditing system will be implemented to ensure efficiency and accountability in the disbursement of funds to beneficiaries, minimising the likelihood of mismanagement and ensuring that the financial support reaches the intended recipients.
