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Representative of the President, Sen George Akume (2nd L); flanked by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun (L) and Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu while presenting a Cheque to a beneficiary of the Renewed Hope Conditional Cash Transfer, Shuibu Hasana Kapara during the launch of the Renewed Hope Conditional Cash Transfer for 15 Million Households in commemoration of the International Day for the Eradication of Poverty at the Presidential Villa in Abuja on Tuesday (17/10/2023) 27571/17/10/2023/Callistus Ewelike/NANPLEASE CREDIT NAN-PHOTO AND THE PHOTOGRAPHER
President Bola Tinubu has officially unveiled his government’s Renewed Hope Conditional Cash Transfer Programme designed to cushion effects of fuel subsidy removal and other economic shocks for vulnerable groups in Nigeria.
During the flag off, which coincided with International Day for Eradication of Poverty, at the Presidential Villa, Abuja, yesterday, Tinubu said the scheme will cater for 15 million households and is specifically aimed at uplifting the poor and vulnerable.
The programme, expected to cost around N1.125 trillion, will assist 62 million beneficiaries in the next three months, each receiving N75,000.
At the symbolic ceremony for the initial five beneficiaries, Tinubu, who was represented by Secretary to the Government of the Federation (SGF), George Akume, said his administration is determined to lead from the front and ensure all Nigerians enjoy sustained social protection.
President Tinubu. Photo: Twitter
He disclosed that the government is working to develop and deploy more interventions to help Nigerians. He said these include: investment of N100 billion to purchase 3,000 units of 20-seater Compressed Natural Gas (CNG) powered buses for cheaper transportation; investment of N200 billion to cultivate 500,000 hectares of farmland to boost food security; and release of 2,000 metric tons of grains from strategic reserves to households across the 36 states and the Federal Capital Territory;
The President also announced planned distribution of 225,000 metric tons of fertiliser and seedlings to farmers; release of N75 billion to support 100,000 SMEs and start-ups; Renewed Hope shelter programme for the poor, refugees, and internally displaced persons; Renewed Hope business grants and loans for vulnerable market women, farmers, and traders; and Renewed Hope support to MSME covering one million MSMEs.
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