President Tinubu Launches Cash Transfer For 15 Million Households
President Bola Tinubu has launched the Renewed Hope Conditional Cash Transfer, a scheme that aims to provide financial assistance to 15 million households in Nigeria. The launch was held at the Press Gallery of the State House in Abuja on Tuesday, October 17, 2023, coinciding with the World Poverty Eradication Day.
The Secretary to the Government of the Federation, George Akume, represented the President at the event, which was attended by several dignitaries, including 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.
The President had announced the cash transfer programme in his maiden Independence Day broadcast to Nigerians on October 1, 2023. He said that the scheme would target vulnerable citizens who are living below the poverty line and are in need of urgent support.
According to the humanitarian affairs minister, the 15 million households represent 62 million Nigerians who will benefit from the scheme. She said that each household would receive N25,000 monthly for three months, which amounts to N75,000 in total. She added that the beneficiaries would be identified through a biometric verification system and a transparent selection process.
The minister also disclosed that another scheme would be launched soon, code-named ‘Iya Loja Funds’, which would provide soft loans of N50,000 to support petty traders. She said that this scheme would help to boost the informal sector and create more jobs for Nigerians. Furthermore, she said that at the beginning of the next farming season, farmers would be provided with incentives such as seeds, fertilizers and equipment to boost their farm yields.
The Country Director of the World Bank, Chaudhuri, pledged his organisation’s support to the scheme. He said that the World Bank would work closely with the Nigerian government and other partners to ensure that the scheme achieves its objectives of reducing poverty and improving livelihoods. He also commended the President for his vision and commitment to tackling poverty in Nigeria.
The finance minister said that a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of the funds to beneficiaries. He said that the system would prevent fraud and leakage of funds and ensure that only those who are eligible receive the assistance. He also urged the beneficiaries to use the funds wisely and productively.
The Renewed Hope Conditional Cash Transfer is part of the President’s agenda to eradicate poverty and improve human capital development in Nigeria. The President has also initiated other programmes such as free education, health insurance and social security for Nigerians. The President has expressed his hope that these programmes would transform Nigeria into a prosperous and inclusive nation.
