by Daniel Edu
President Bola Tinubu has introduced the “Renewed Hope Conditional Cash Transfer” program, aimed at assisting 15 million households. The official launch took place at the State House Press Gallery in Abuja on Tuesday, coinciding with World Poverty Eradication Day.
Representing the President at the event was George Akume, the Secretary to the Government of the Federation. Distinguished guests included Betta Edu, the Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, the Minister of Finance; Shubham Chaudhuri, World Bank Country Director; and Matthias Schmale, the United Nations Resident and Humanitarian Coordinator for Nigeria, among other notable figures.
In his Independence Day address to Nigerians on October 1, 2023, President Tinubu announced this cash transfer initiative, specifically targeting vulnerable citizens. According to the Minister of Humanitarian Affairs, the 15 million households represent approximately 62 million Nigerians.
Under the program, each beneficiary will receive a monthly transfer of N25,000 for three months, totaling N75,000 in assistance. Additionally, the minister revealed plans for another scheme, “Iya Loja Funds,” set to be launched soon, which will offer soft loans of N50,000 to support small traders.
Moreover, as the next farming season begins, farmers will receive incentives to enhance their agricultural yields.
The World Bank’s Country Director, Shubham Chaudhuri, pledged the organization’s support for the initiative. The Finance Minister announced the implementation of a biometric auditing system to ensure efficiency and transparency in the distribution of funds to beneficiaries.
