President Bola Tinubu on Tuesday launched the Renewed Hope Conditional Cash Transfer program for 15 million households.
The launch of the Renewed Hope Conditional Cash Transfer took place on World Poverty Eradication Day, October 17, 2023, at the Press Gallery of the State House in Abuja.
The Secretary to the Government of the Federation, George Akume, represented President Bola Tinubu at the event.
Present at the event were Betta Edu, the Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, the Minister of Finance; Shubham Chaudhuri, the Country Director of the World Bank; and Matthias Schmale, who serves as the United Nations Resident and Humanitarian Coordinator for Nigeria, along with several other distinguished guests.
The President had in his maiden Independence Day broadcast to Nigerians on October 1, 2023, made known the cash transfer programme which he said would target vulnerable citizens.
“The Minister of Humanitarian Affairs stated that the 15 million households represent 62 million Nigerians. She further explained that each beneficiary would receive a monthly transfer of N25,000 for three months, totaling N75,000 per beneficiary.
The minister also revealed that a new program, called ‘Iya Loja Funds,’ would be launched soon, offering soft loans of N50,000 to assist small traders. Additionally, when the next farming season commences, farmers will receive incentives to enhance their crop yields.
Chaudhuri, the Country Director of the World Bank, expressed his organization’s commitment to supporting this initiative.
Furthermore, the Minister of Finance announced the implementation of a biometric auditing system to guarantee the efficient and accountable distribution of funds to the beneficiaries.
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