The Federal Government has set aside a total of N150 billion to execute poverty alleviation programs in 2024. This allocation is intended to support the National Poverty Reduction and Growth Strategy (NPRGS) across four key pillars: macroeconomic stability, industrialization, structural policies/institutional reforms, and redistributive policies/programs.
In addition to the N150 billion dedicated to the NPRGS, the N28.77 trillion budget recently signed by President Bola Tinubu allocates N10.35 billion to the Ministry of Humanitarian Affairs and Poverty Alleviation.
Currently, 15 million households are benefiting from the government’s N25,000 monthly grants through the Conditional Cash Transfer Scheme.
The NPRGS, approved by the Federal Executive Council in 2021 during the administration of former President Muhammadu Buhari, aims to address poverty, especially in rural areas. The program is designed to run for ten years (2021-2031) with an estimated implementation cost of $1.6 trillion, averaging about $161 billion annually.
During the transition to the Bola Tinubu-led government, the previous administration asserted that 1.8 million “vulnerable Nigerians” had benefited from the program.
President Bola Tinubu recently reiterated his commitment to supporting a progressive, inclusive democracy focused on poverty elimination and quality education. Vice President Kashim Shettima emphasized Tinubu’s dedication to economic revitalization, job creation, and poverty eradication, considering these key elements in the strategy to invigorate the economy.
