Today, President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer program, aimed at benefiting 15 million households. The launch coincided with World Poverty Eradication Day and was conducted at the Press Gallery of the State House in Abuja. Representing the President, the Secretary to the Government of the Federation, George Akume, attended the event.
Key dignitaries present included Betta Edu, Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, Minister of Finance; Shubham Chaudhuri, World Bank Country Director; and Matthias Schmale, the United Nations Resident and Humanitarian Coordinator for Nigeria.
This program was announced by President Tinubu in his Independence Day broadcast on October 1, 2023, with a focus on vulnerable citizens. The initiative targets 15 million households, equating to 62 million Nigerians, who will receive N25,000 monthly for three months, totaling N75,000 per beneficiary. Additionally, another scheme called 'Iya Loja Funds' will soon be launched, offering soft loans of N50,000 to support small traders. Farmers will also receive incentives to boost crop yields at the start of the next farming season.
The World Bank, represented by Shubham Chaudhuri, pledged its support for the program. The Minister of Finance announced the implementation of a biometric auditing system to ensure the efficient and accountable disbursement of funds to beneficiaries
