The commencement of the ₦25,000 monthly Conditional Cash Transfer (CCT) Funds for impoverished individuals in Nigeria was announced during the Renewed Hope launch held in Abuja on Tuesday.
According to Edu, this initiative is part of the Tinubu-led administration’s efforts to address the immediate impact of the removal of subsidy on Premium Motor Spirit (PMS), commonly known as petrol.
She expressed that this fresh initiative would serve as a means of empowerment for the less privileged and most vulnerable individuals in society. She further emphasized that the provided sum would greatly assist in uplifting the majority of the beneficiaries.
To enhance the poverty alleviation efforts, during his Independence Day speech, Tinubu announced the CCT program, aiming to provide ₦25,000 to 15 million households for three consecutive months. The objective is to alleviate the poverty level in the country.
Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, emphasized that the ₦25,000 granted to each beneficiary will significantly enhance their spending power and improve their economic prospects.
Furthermore, the minister revealed plans to launch the ₦50,000 to ₦1.5 million Iyaloja loan scheme, targeting small-scale traders. This initiative is part of the government’s commitment to economic revitalization and empowerment.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, assured that the CCT program would be conducted in a transparent manner, following established global practices. The program includes mechanisms to disclose beneficiaries upon inquiry.
The World Bank Country Representative, Shubham Chaudhuri, expressed readiness to support Nigeria’s bold economic measure of diverting funds from fuel subsidies. The institution aims to assist its 189 member states in eradicating poverty among their respective populations.
To participate in the program, kindly learn about how to submit your application.