President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer programme for 15 million households on Tuesday.
The ceremony, which coincided with World Poverty Eradication Day, was conducted at the State House Press Gallery in Abuja.
George Akume, the Secretary to the Government of the Federation, represented President Tinubu at the occasion.
Among those in attendance are Betta Edu, Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, Minister of Finance; Shubham Chaudhuri, World Bank Country Director; and Matthias Schmale, United Nations Resident and Humanitarian Coordinator for Nigeria.
On October 1, 2023, President Tinubu announced the cash distribution initiative, which he said will target vulnerable residents, in his first Independence Day broadcast to Nigerians.
According to the humanitarian affairs minister, the 15 million families represent 62 million Nigerians.
She stated that N25,000 would be transferred to the recipients on a monthly basis for three months, totaling N75,000 for each beneficiary.
The minister also said that another scheme, codenamed ‘Iya Loja Funds,’ would be introduced soon, providing soft loans of N50,000 to help petty traders.
Furthermore, she stated that farmers would be given incentives to increase agricultural output at the start of the next farming season.
The World Bank’s Country Director, Chaudhuri, has offered his organization’s support for the initiative.
In addition, the finance minister stated that a biometric auditing system would be implemented to enhance efficiency and accountability in the distribution of monies to beneficiaries.
