In a significant move aimed at alleviating poverty in Nigeria, President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer program for 15 million households on Tuesday, coinciding with the World Poverty Eradication Day. The event, held at the Press Gallery of the State House in Abuja, marked a pivotal moment in the country’s efforts to uplift its vulnerable citizens.
Representing the President at the event, the Secretary to the Government of the Federation, George Akume, shared the government’s commitment to eradicating poverty and building a prosperous nation. The launch ceremony was graced by several dignitaries, 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.
In his Independence Day address on October 1, 2023, President Tinubu had announced this groundbreaking cash transfer program, targeting vulnerable citizens across the nation. The Minister of Humanitarian Affairs disclosed that the 15 million households identified for assistance equate to approximately 62 million Nigerians. Each beneficiary is set to receive a monthly transfer of N25,000 for three consecutive months, totaling N75,000. This initiative aims to provide immediate relief to those in need, helping them meet their essential requirements and improve their overall quality of life.
Moreover, the Minister revealed plans for another initiative titled ‘Iya Loja Funds.’ This forthcoming scheme intends to provide soft loans of N50,000, specifically tailored to support petty traders, a crucial segment of the economy. By empowering small-scale entrepreneurs, the government seeks to stimulate economic growth from the grassroots level, creating sustainable livelihoods for many.
Looking ahead to the agricultural sector, the government plans to incentivize farmers at the beginning of the next farming season. These incentives are designed to boost farm yields, promoting food security and contributing to the nation’s agricultural prosperity. By supporting local farmers, the government aims to enhance Nigeria’s self-sufficiency in food production, thereby reducing dependency on imports.
President Tinubu’s administration has set a bold agenda with these initiatives, demonstrating a strong commitment to improving the lives of Nigerians. The launch of the Renewed Hope Conditional Cash Transfer program not only signifies a step towards poverty eradication but also underscores the government’s dedication to fostering economic resilience and social well-being across the nation. As these initiatives unfold, they are expected to have a transformative impact on communities, paving the way for a more prosperous and equitable Nigeria. Read More
Source: Channels TV
