President Bola Tinubu on Tuesday launched the Renewed Hope Conditional Cash Transfer for 15 million households. The programme, which coincided with the World Poverty Eradication Day, was aimed at providing financial support to vulnerable citizens.
The event was held at the Press Gallery of the State House in Abuja, where the Secretary to the Government of the Federation, George Akume, represented the President. Other dignitaries present at the event include 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 had announced the cash transfer programme in his maiden Independence Day broadcast to Nigerians on October 1, 2023. He said that the programme would target vulnerable citizens who have been affected by the economic downturn caused by the COVID-19 pandemic and other challenges.
According to the humanitarian affairs minister, the 15 million households represent 62 million Nigerians. She said that each beneficiary would receive N25,000 monthly for three months, which amounts to N75,000 in total. She also disclosed that another scheme, code-named ‘Iya Loja Funds’, would be launched soon to provide soft loans of N50,000 to support petty traders. In addition, she said that farmers would be provided with incentives to boost their farm yields at the beginning of the next farming season.
The World Bank Country Director, Chaudhuri, pledged his organisation’s support to the scheme. He said that the World Bank would work with the Nigerian government to ensure that the funds reach the intended beneficiaries and have a positive impact on their lives.
The finance minister, Edun, said that a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of the funds. He said that the system would verify the identity and eligibility of the beneficiaries and prevent fraud and corruption.
The President expressed his hope that the cash transfer programme would help alleviate poverty and improve the living standards of Nigerians. He urged the beneficiaries to use the funds wisely and productively. He also called on all Nigerians to unite and work together for the progress and development of the country.
