FG Unveils Conditional Cash Transfer, Targets 15m Households

To commemorate World Poverty Eradication Day, President Bola Tinubu has launched the Renewed Hope Conditional Cash Transfer to target 15 million vulnerable households in Nigeria as a significant stride in the fight against poverty and to cushion the effect of the fuel subsidy.

The United Nations noted that the International Day for the Eradication of Poverty is celebrated annually on October 17 to promote understanding and dialogue between people living in poverty and the wider society with the theme: “Decent Work and Social Protection: Putting dignity in practice for all.”

As reported by Statista, in 2022, approximately 88.4 million individuals in Nigeria were living in dire poverty.

This figure encompassed roughly 44.7 million men and 43.7 million women surviving on less than 1.90 U.S. dollars per day in the country.

Notably, Nigeria accounted for 12.9 percent of the global population living in extreme poverty in 2022.

The unveiling took place at the Press Gallery of the State House on Tuesday in Abuja.

The President was represented by the Secretary to the Government of the Federation, George Akume at the unveiling.

Among the esteemed guests were key figures including 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.

The program, initially announced by President Tinubu during his Independence Day address on October 1, 2023, is designed to target the country’s most vulnerable citizens.

The initiative aims to support 15 million households, making up 62 million Nigerians, with each beneficiary set to receive N25,000 per month for three months, culminating in a total of N75,000.

In addition to this financial aid, Betta Edu also disclosed plans for the forthcoming ‘Iya Loja Funds,’ a program set to provide soft loans of N50,000 to empower small-scale traders.

She noted that as the farming season approaches, farmers can look forward to incentives designed to boost agricultural productivity.

The World Bank, through the commitment of Shubham Chaudhuri, has pledged its support to this monumental project.

Furthermore, to ensure accountability and efficiency in fund distribution, Finance Minister Edun has revealed the implementation of a robust biometric auditing system.