President Tinubu Launches Renewed Hope Conditional Cash Transfer Program on World Poverty Eradication Day.
President Bola Tinubu marked World Poverty Eradication Day on Tuesday with the official launch of the Renewed Hope Conditional Cash Transfer program, aimed at assisting 15 million households in Nigeria. The event took place at the Press Gallery of the State House in Abuja.
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Ejes Gist Newspaper reports that the President was represented at the event by the Secretary to the Government of the Federation, George Akume.
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Notable dignitaries in attendance included 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, among others.
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In his Independence Day address on October 1, 2023, President Tinubu had first announced the Conditional Cash Transfer program, emphasizing its focus on assisting vulnerable citizens.
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The Minister of Humanitarian Affairs and Poverty Eradication revealed that the 15 million households targeted by the program represent approximately 62 million Nigerians. The initiative will provide a monthly transfer of N25,000 to beneficiaries for three months, resulting in a total of N75,000 allocated to each beneficiary.
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Furthermore, the minister unveiled another forthcoming scheme called ‘Iya Loja Funds,’ which will offer soft loans of N50,000 to support small-scale traders. In addition, the government plans to incentivize farmers at the beginning of the next farming season to enhance agricultural productivity.
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World Bank Country Director Shubham Chaudhuri pledged the organization’s support for the program, emphasizing the importance of collaboration in addressing poverty-related challenges.
The Minister of Finance announced plans to establish a biometric auditing system to ensure the efficient and accountable disbursement of funds to beneficiaries. This system is expected to enhance transparency and reduce potential instances of mismanagement in the cash transfer program.
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The launch of the Renewed Hope Conditional Cash Transfer program aligns with ongoing efforts to alleviate poverty and support vulnerable populations in Nigeria. President Tinubu’s commitment to these initiatives demonstrates his administration’s dedication to improving the lives of citizens and addressing key social and economic challenges in the country.
As the Renewed Hope Conditional Cash Transfer For 15 Million Households unfolds, it is anticipated to have a significant impact on the lives of millions of Nigerians, particularly those who have been most affected by poverty and economic hardship
