Tinubu set to disburse N1.1trn to the “poorest of the poor”

President Bola Ahmed Tinubu has launched the Renewed Hope Conditional Cash transfer for 15 million households with each of the beneficiaries receiving N25,000 for three months.

The Secretary to the Government of the Federation, Sen. George Akume, who represented President Tinubu, at the World Poverty Eradication Day, held at the Press Gallery of the State House in Abuja on Tuesday, unveiled the programme.

In attendance were the Minister of Humanitarian Affairs and Poverty Eradication, Dr Betta Edu, the Minister Of Finance, Mr Wale Edun, the World Bank Country Director, Mr Shubham Chaudhuri and the United Nations Resident and Humanitarian Coordinator For Nigeria, Mr Matthias Schmale among others.

The President had in his maiden Independence Day broadcast disclosed that the government would implement the conditional cash transfer targeted at the “poorest of the poor”, commencing in October.

“The social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households,” he said

The Minister of Humanitarian Affairs and Poverty Eradication, Edu, in her remarks, said the 15 million households represents 62 million Nigerians.

She added that N25,000 would be transferred to the beneficiaries on a monthly basis for three months, which amounts to N75,000 for each of the beneficiaries.

The minister also disclosed that in no distant time, another scheme would be launched, code-named ‘Iya Loja Funds’ which would provide soft loans of N50,000 to support petty traders.

In addition, at the beginning of the next farming season, she said that farmers would be provided with incentives to boost their farm yields.

Persecond News had earlier reported that the federal government approached the World Bank for a fresh loan of $400m for the conditional cash transfer to 15 million households as one of the measures to cushion the effects of petrol subsidy removal on Nigerians.

The $400m brings to $1.2bn the amount that the Federal Government is borrowing from the World Bank for the cash transfer as it had earlier secured a loan of $800m for the same purpose.