As Nigeria marks World Poverty Eradication Day, President Bola Tinubu officially launched the “Renewed Hope Conditional Cash Transfer” program, which aims to uplift 15 million households across Nigeria.
The momentous event took place at the State House Press Gallery in Abuja and was attended by key dignitaries, including the Secretary to the Government of the Federation, George Akume, who represented the President. Notable figures such as the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu, the Minister of Finance, Wale Edun, World Bank Country Director, Shubham Chaudhuri, and the United Nations Resident and Humanitarian Coordinator for Nigeria, Matthias Schmale, graced the occasion.
President Tinubu had initially announced this ambitious program in his Independence Day address to the nation on October 1, 2023, with a commitment to aiding the country’s most vulnerable citizens.
The program, according to the Minister of Humanitarian Affairs and Poverty Eradication, is set to impact approximately 62 million Nigerians, providing each household with a monthly transfer of N25,000 for three consecutive months, totaling N75,000 per beneficiary. Additionally, plans are underway for the launch of the ‘Iya Loja Funds’ program, which will offer soft loans of N50,000 to support small-scale traders.
Farmers in Nigeria are not left out, as the Minister revealed plans to provide incentives at the beginning of the next farming season to boost agricultural productivity.
The World Bank Country Director, Shubham Chaudhuri, assured his organization’s support for this groundbreaking initiative, emphasizing its potential to alleviate poverty and foster economic development.
To ensure transparency and efficiency in fund distribution, the Minister of Finance announced the implementation of a biometric auditing system, which will meticulously monitor the disbursement of funds to beneficiaries.
The Renewed Hope Conditional Cash Transfer program marks a significant stride towards poverty eradication, promising economic relief to millions of Nigerian households and garnering support from both national and international stakeholders.