President Bola Tinubu has officially unveiled the Renewed Hope Conditional Cash Transfer program aimed at assisting 15 million households in Nigeria. The launch ceremony took place at the State House’s Press Gallery in Abuja on Tuesday, coinciding with World Poverty Eradication Day.
Representing the President at the event, the Secretary to the Government of the Federation, George Akume, was in attendance. The event also saw prominent figures like the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu, the 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.
This cash transfer initiative was first announced by President Tinubu in his Independence Day address to Nigerians on October 1, 2023. The program is designed to support vulnerable citizens. The 15 million households, as confirmed by the Minister of Humanitarian Affairs, represent approximately 62 million Nigerians.
Under the program, beneficiaries will receive a monthly transfer of N25,000 for three months, totaling N75,000 for each recipient. The minister also revealed that another scheme, called ‘Iya Loja Funds,’ would be launched soon, providing soft loans of N50,000 to assist petty traders.
Furthermore, to boost agricultural productivity in the upcoming farming season, farmers will be offered incentives as part of this initiative.
The Country Director of the World Bank, Shubham Chaudhuri, expressed the organization’s commitment to supporting this vital scheme. The finance minister confirmed plans for the implementation of a biometric auditing system to ensure the efficient and accountable disbursement of funds to beneficiaries.