THE President of the Federal Republic of Nigeria, President Bola Tinubu, has launched the conditional cash transfer programme for 15 million households.
According to media reports, the President, represented by the Secretary to the Government of the Federation, George Akume, launched the programme on Tuesday, October 17, 2023, at an event held at the Press Gallery of the State House in Abuja.
It would be recalled that the President had in his maiden Independence Day broadcast to Nigerians on October 1, 2023, announced the cash transfer programme, which he said would target vulnerable citizens.
Speaking at the event, which coincided with the World Poverty Eradication Day, the Humanitarian Affairs Minister, Betta Edu, said the 15 million households represent 62 million Nigerians, adding that the sum of N25,000 would be transferred to the beneficiaries monthly for three months, which amounts to N75,000 for each of the beneficiaries.
The Minister also disclosed that, in no distant time, another scheme would be launched, code-named ‘Iya Loja Funds’ which would provide soft loans of N50,000 to support petty traders.
In addition, at the beginning of the next farming season, she said that farmers would be provided with incentives to boost their farm yields.
Also speaking, the Country Director of the World Bank, Shubham Chaudhuri, pledged his organisation’s support to the scheme.
Also, the Finance Minister, Wale Edun, said a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of the funds to beneficiaries.
In attendance at the event are 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 other dignitaries.
