President Bola Ahmed Tinubu has launched the Renewed Hope Conditional Cash Transfer for 15 million households.
The event coincided with World Poverty Eradication Day and was held at the Press Gallery of the State House in Abuja.
The Secretary to the Government of the Federation, George Akume, represented the president at the event.
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In attendance were 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, among other dignitaries.
The 15 million households, according to Edu, represent 62 million Nigerians.
She said that the sum of 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.
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.
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