In a concerted effort to uplift the social and economic well-being of Nigerians, the Federal Government has introduced a trio of transformative cash transfer programs. These initiatives are poised to fill the void left by the suspension of the N-Power program. Let’s delve into the intricate details of these programs, including their precise commencement dates and comprehensive payment structures.

1. Conditional Cash Transfer (CCT)

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Commencement Date: October 17, 2023

Under the capable stewardship of Minister of Humanitarian Affairs, Betta Edu, the Conditional Cash Transfer program is primed to make a substantial impact. Its overarching goal is to provide assistance to an impressive 15 million impoverished households across the nation. During his Independence Day address, President Bola Tinubu unveiled the Federal Government’s commitment to initiating cash transfers of N75,000 to these vulnerable households. This financial support will be disbursed in monthly installments of N25,000 over the course of three consecutive months. Furthermore, in an act of solidarity with retired citizens, vulnerable pensioners are set to receive a monthly cash transfer of N25,000, commencing in November.

This comprehensive program represents a multi-pronged approach to addressing the financial hardships faced by vulnerable households, ensuring that they receive sustained support over the coming months.

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2. Government Enterprise and Empowerment Program (GEEP)

Commencement Date: October 17, 2023

Under the visionary leadership of President Bola Ahmed Tinubu’s government, the Government Enterprise and Empowerment Program seeks to empower 1.5 million market women with a non-interest loan of N50,000 each. Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, disclosed that the N75 billion market women fund, aptly named the Iyaloja Fund for underprivileged female traders, will be officially inaugurated on October 17. This groundbreaking initiative has been designed to infuse market women with the capital required to foster business expansion. The program will be executed in three distinct phases, with the initial phase anticipated to benefit 500,000 individuals.

The GEEP program underscores the government’s commitment to empowering women and enhancing economic opportunities within local markets, thereby stimulating sustainable growth.

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3. TraderMoni

Commencement Date: November 2023

The Federal Government is poised to relaunch the TraderMoni scheme, aiming to offer substantial support to traders’ businesses. Although the scheme had experienced a period of dormancy, Minister Betta Edu, of the Ministry of Humanitarian Affairs and Poverty Alleviation, affirmed that it had not been discontinued. In this imminent relaunch, each beneficiary will receive an interest-free loan of N50,000. The revival of the scheme will commence with the selection of one prominent market within each senatorial district, totaling 109 markets, where traders will receive direct financial support within their shops.

The reinstated TraderMoni program represents a considerable boost to small-scale traders and entrepreneurs, signifying the government’s commitment to fostering economic growth from the grassroots.

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These cash transfer programs underscore the Federal Government’s commitment to addressing the multifaceted challenges faced by Nigerians. With specific commencement dates and comprehensive payment structures, these initiatives aim to alleviate poverty, empower citizens across various sectors, and facilitate sustainable economic growth. The government’s resolute dedication to these programs signals a brighter and more inclusive future for vulnerable households, market women, and traders nationwide.

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