President Bola Tinubu has launched a program called the Renewed Hope Conditional Cash Transfer initiative, aimed at providing economic relief to over 61 million vulnerable individuals in Nigeria after the removal of fuel subsidies. The initiative, which coincided with the International Day for the Eradication of Poverty, will distribute monthly cash support of N25,000 to 15 million households across the country, amounting to a total of N1.125 trillion.
During the launch ceremony, President Tinubu emphasized his administration’s commitment to poverty alleviation and stated that the initiative aligns with his 8-point agenda. He urged Nigerians to participate in the available programs to help in lifting millions of people out of poverty. The President also highlighted the importance of a collaborative approach to effectively combat poverty both in Nigeria and globally.
The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, warned that ignoring poverty alleviation would have severe consequences. She mentioned that the N75,000 announced by the President for vulnerable households could be used to successfully run small-scale businesses. Edu emphasized the need for a collective effort to fight poverty and announced plans for low-cost shelter and vocational skills interventions to tackle various dimensions of poverty in the country.
The Minister assured the public that President Tinubu aims to eradicate poverty in Nigeria by 2030. Nigeria’s Minister of Finance and Coordinating Minister of Economy, Wale Edun, highlighted the President’s prioritization of poverty reduction and expressed his disapproval of the current statistics, which show that 63% of Nigerians live in poverty. Edun stated that the cash transfer program would significantly help reduce poverty.
The World Bank representative confirmed the effectiveness of cash transfers as a method to provide relief to those impacted by economic shocks or rising living costs. He emphasized that cash transfers have proven to be one of the most efficient ways to assist impoverished individuals and reduce long-term consequences such as reduced meals and withdrawal from school. At the flag-off ceremony, beneficiaries of the program were introduced, further showcasing the initiative’s direct impact on individuals in need.