JUST IN: Conditional Cash Transfer Program Launch by President Tinubu to Aid 15 Million Households

Initiative Aims to Alleviate Poverty on World Poverty Era

In a monumental move aimed at alleviating poverty in Nigeria, President Bola Tinubu has launched a groundbreaking social welfare program on World Poverty Eradication Day. The “Conditional Cash Transfer Program” is set to provide essential financial support to 15 million households, benefiting approximately 62 million Nigerians. The launch event took place at the Press Gallery of the State House in Abuja and featured a distinguished guest list, including prominent government officials, representatives from international organizations, and humanitarian leaders.

The President’s announcement of this extensive cash transfer program came during his Independence Day address to the nation on October 1, 2023. The primary goal of the initiative is to provide vital assistance to the nation’s most vulnerable citizens, helping them meet their basic needs and enhance their quality of life.

Under this program, eligible beneficiaries will receive a monthly cash transfer of N25,000 (Nigerian Naira) for a three-month duration. This financial support totals N75,000 per recipient, and it is expected to have a profound impact on improving their living conditions.

Betta Edu, the Minister of Humanitarian Affairs and Poverty Eradication, also revealed plans for another scheme called ‘Iya Loja Funds.’ This initiative will offer soft loans of N50,000 to support petty traders, further boosting economic activity at the grassroots level.

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Furthermore, the government is planning to support farmers at the beginning of the next farming season by providing incentives to enhance their agricultural productivity. This comprehensive approach aims to uplift various segments of the population and drive economic growth at the grassroots level.

The World Bank, a key international partner, has expressed its commitment to support this ambitious project. Shubham Chaudhuri, the Country Director of the World Bank, pledged the organization’s full cooperation in ensuring the success of the Conditional Cash Transfer program.

To maintain efficiency and accountability in the disbursement of funds to beneficiaries, the Minister of Finance, Wale Edun, announced the implementation of a biometric auditing system. This system will provide a transparent and secure method for distributing financial aid to recipients, ensuring that the funds reach those who need them the most.

This unprecedented initiative comes at a crucial time when many Nigerians are grappling with economic hardships, and it reflects the government’s determination to tackle poverty head-on. With the support of international organizations, a clear roadmap, and the commitment of government officials, the Conditional Cash Transfer program holds the promise of making a tangible difference in the lives of millions of Nigerians, offering renewed hope for a brighter future.

Source: Channelstv.com – Tinubu Launches Conditional Cash Transfer for 15 Million Households

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