President Bola Tinubu officially launched the Renewed Hope Conditional Cash Transfer program for 15 million households. The inauguration took place at the Press Gallery of the State House in Abuja, coinciding with World Poverty Eradication Day.
George Akume, the Secretary to the Government of the Federation, represented the President at the event. Among the notable attendees were Betta Edu, the Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, the Minister of Finance; Shubham Chaudhuri, the World Bank Country Director; and Matthias Schmale, the United Nations Resident and Humanitarian Coordinator for Nigeria, among other distinguished guests.
In his Independence Day broadcast on October 1, 2023, President Tinubu had announced the cash transfer program, emphasizing its focus on vulnerable citizens.
The 15 million households targeted by the program, as revealed by the Minister of Humanitarian Affairs, represent approximately 62 million Nigerians. Each beneficiary will receive ₦25,000 monthly for three months, totaling ₦75,000 per beneficiary.
Additionally, the minister disclosed plans to launch another initiative named ‘Iya Loja Funds,’ offering soft loans of ₦50,000 to support petty traders in the near future. Furthermore, farmers will receive incentives at the beginning of the next farming season to enhance their agricultural yields.
World Bank’s Country Director, Shubham Chaudhuri, expressed the organization’s commitment to supporting this program.
The Finance Minister highlighted the implementation of a biometric auditing system to ensure the efficient and accountable distribution of funds to the beneficiaries.
