Renewed Hope Conditional Cash Transfer is a programme that President Bola Tinubu has launched that will help 15 million people.
At the Press Gallery of the State House in Abuja, the ceremony was held on World Poverty Eradication Day, Tuesday.
The President was represented at the event by George Akume, the Government of the Federation’s Secretary.
In addition to other dignitaries, the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu, the Minister of Finance, Wale Edun, the Country Director for the World Bank, Shubham Chaudhuri, and the UN Resident and Humanitarian Coordinator for Nigeria, Matthias Schmale, were present.
The President had previously stated that the cash distribution initiative would target poor persons in his first Independence Day message to Nigerians on October 1, 2023.
According to the ministry of humanitarian affairs, there are 62 million households in Nigeria, or 15 million people.
For three months, she said, a monthly transfer of N25,000 will be made to the beneficiaries, giving them each N75,000 in total.
Another programme, code-named “Iya Loja Funds,” which would offer soft loans of N50,000 to encourage petty traders, will soon be launched, the minister further revealed.
Additionally, she stated that farmers would receive incentives to increase their farm output at the start of the upcoming farming season.
Chaudhuri, the World Bank’s country director, vowed to support the programme with his organisation.
The finance minister announced the implementation of a biometric auditing system to enhance accountability and effectiveness in the distribution of monies to recipients.
