President Bola Ahmed Tinubu has launched the Renewed Hope Conditional Cash Transfer program aimed at assisting 15 million households in Nigeria.
The launch coincided with World Poverty Eradication Day and took place at the Press Gallery of the State House in Abuja.
The Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu, stated that these 15 million households represent 62 million Nigerians.
Under the program, each beneficiary will receive N25,000 on a monthly basis for three months, amounting to a total of N75,000 per beneficiary.
The Minister also revealed plans for another scheme, named ‘Iya Loja Funds,’ which will provide soft loans of N50,000 to support petty traders.
Additionally, farmers will receive incentives at the start of the next farming season to boost their yields.
The World Bank Country Director pledged support for the program, and a biometric auditing system will be implemented to ensure efficient and accountable fund disbursement to beneficiaries.
The Renewed Hope Conditional Cash Transfer program aims to alleviate poverty and improve the livelihoods of millions of Nigerians.