The Renewed Hope Conditional Cash Transfer (CCT) program has commenced, offering ₦25,000 monthly funds to impoverished Nigerians in Abuja.
This initiative, spearheaded by the Tinubu-led administration, aims to cushion the immediate impact of the removal of subsidy on Premium Motor Spirit (PMS), commonly known as petrol.
The program seeks to empower the most disadvantaged members of society, providing vital support to uplift beneficiaries.
Government’s Efforts to Alleviate Poverty
During his Independence Day address, Tinubu unveiled the CCT program, announcing that 15 million households would receive ₦25,000 each for three consecutive months to alleviate poverty.
The initiative aims to enhance the spending power and economic prospects of recipients.
Supporting Small-Scale Traders: Iyaloja Loan Scheme
Furthermore, a loan scheme ranging from ₦50,000 to ₦1.5 million, known as the Iyaloja loan scheme, will soon be launched to assist small-scale traders, contributing to economic revitalization and empowerment efforts nationwide.
Transparency and Accountability in the Program
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, emphasized the transparency of the CCT program, highlighting its adherence to global best practices. He assured us that the program includes mechanisms to disclose information to all beneficiaries upon inquiry.
World Bank’s Support for Economic Measures
Shubham Chaudhuri, the World Bank Country Representative, expressed readiness to support Nigeria’s bold economic measures, particularly in redirecting funds from fuel subsidies.
The World Bank stands prepared to assist its member states, including Nigeria, in eradicating poverty and fostering economic development initiatives.
Leave a Comment