President Bola Tinubu marked World Poverty Eradication Day on Tuesday with the launch of the Renewed Hope Conditional Cash Transfer program, aiming to benefit 15 million households.
The event took place at the Press Gallery of the State House in Abuja, where the President was represented by the Secretary to the Government of the Federation, George Akume.
Notable figures present included Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu; Minister of Finance, Wale Edun; World Bank Country Director, Shubham Chaudhuri; and United Nations Resident and Humanitarian Coordinator for Nigeria, Matthias Schmale, among other dignitaries.
This initiative was first announced by President Tinubu during his Independence Day broadcast on October 1, 2023, with a focus on assisting vulnerable citizens. The 15 million households targeted in the program equate to approximately 62 million Nigerians. Beneficiaries will receive a monthly transfer of N25,000 for three months, totaling N75,000 per recipient.
Furthermore, the Humanitarian Affairs Minister unveiled a forthcoming program, ‘Iya Loja Funds,’ which will offer soft loans of N50,000 to support small-scale traders. Additionally, plans are in place to incentivize farmers at the beginning of the next farming season to enhance crop yields.
The World Bank expressed its support for the initiative through its Country Director, Chaudhuri, while the Finance Minister emphasized the implementation of a biometric auditing system to ensure transparent and efficient disbursement of funds to beneficiaries.