In response to the removal of fuel subsidies and soaring inflation in Nigeria, the Ministry of Humanitarian Affairs and Poverty Alleviation has launched a series of interventions to alleviate the economic hardships faced by the most vulnerable Nigerians. These measures aim to provide much-needed relief and support to the citizens affected by these economic challenges.
One of the key initiatives introduced by the ministry is the Conditional Cash Transfer program, which commenced in October. This program is designed to transfer N25,000 to 15 million households for three months, offering immediate financial assistance to those in need.
In addition to the Conditional Cash Transfer program, the ministry is gearing up to initiate the N75 billion Market Women Fund, also known as the “Iyaloja” Fund. This fund is specifically tailored to provide interest-free loans of up to N50,000 to market women across the 109 senatorial districts in Nigeria. The Minister of Humanitarian Affairs and Poverty Alleviation has announced that this program is set to begin in November, offering further financial support to women engaged in market activities.
It is crucial to note that the removal of fuel subsidies and other economic reforms in Nigeria, spearheaded by President Tinubu, have led to record-level inflation in the country. The World Bank has estimated that the removal of fuel subsidies could push around 7 million Nigerians into poverty.
To counteract this alarming situation, the previous administration under President Buhari secured an $800 million World Bank facility dedicated to cash transfers for poor Nigerians. This financial assistance will play a vital role in supporting those affected by the economic changes.
The Ministry of Humanitarian Affairs and Poverty Alleviation’s commitment to implementing these programs underscores the government’s determination to alleviate poverty and provide relief during these challenging economic times.
For more information on these initiatives and the impact they will have on Nigerians, you can refer to the source link: Nairametrics Article.
These measures are a step towards ensuring that the most vulnerable citizens receive the assistance they need during these trying times.
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