President Bola Tinubu has inaugurated the Renewed Hope Conditional Cash Transfer, a programme that aims to provide financial assistance to 15 million households in Nigeria.
The programme was launched on Tuesday, October 17, 2023, at the State House in Abuja, to mark the World Poverty Eradication Day.
The President was represented by the Secretary to the Government of the Federation, George Akume, who said that the programme was part of the President’s vision to uplift the living standards of vulnerable citizens. He also commended the Ministry of Humanitarian Affairs and Poverty Eradication, the World Bank, and the United Nations for their support and collaboration.
The Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu, explained that the programme would benefit 62 million Nigerians, who would receive N25,000 monthly for three months. She said that the beneficiaries were selected through a transparent and rigorous process, and that a biometric auditing system would be used to ensure accountability and efficiency.
The minister also announced two other initiatives that would complement the cash transfer programme. The first one is called ‘Iya Loja Funds’, which would offer soft loans of N50,000 to petty traders. The second one is a package of incentives for farmers, which would be distributed at the beginning of the next farming season.
The Country Director of the World Bank, Shubham Chaudhuri, expressed his organisation’s commitment to support the programme and other efforts to eradicate poverty in Nigeria. He said that the World Bank would provide technical and financial assistance to ensure the success and sustainability of the programme.
The United Nations Resident and Humanitarian Coordinator For Nigeria, Matthias Schmale, also praised the programme and said that it was aligned with the UN’s Sustainable Development Goals. He said that the UN would work closely with the Nigerian government and other partners to monitor and evaluate the impact of the programme on poverty reduction.