President Bola Tinubu on Tuesday launched the Renewed Hope Conditional Cash Transfer for 15 million households.
The event, which coincided with the World Poverty Eradication Day, was held at the Press Gallery of the State House in Abuja.
The Secretary to the Government of the Federation, Senator George Akume, represented the President at the event.
In attendance were the Minister of Humanitarian Affairs and Poverty Eradication, Dr. Betta Edu; Minister of Finance and Coordinator Minister of the Economy, Chief Olawale Edun; World Bank Country Director, Shubham Chaudhuri; and the United Nations Resident and Humanitarian Coordinator For Nigeria, Matthias Schmale; among other dignitaries.
In his maiden Independence Day broadcast to Nigerians on 1st October, the President had announced the cash transfer programme which he said would target vulnerable citizens.
The 15 million households, according to Edu, represents 62 million Nigerians.
She said that 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 organisation’s support to the scheme.
Also, the finance minister said a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of the funds to beneficiaries.
