FG Kickstarts 75K Cash Boost for 15M Homes

President Bola Tinubu has taken a significant step in fulfilling his promise by formally launching the Conditional Cash Transfer Program, which is set to benefit 15 million households across Nigeria.

These households are expected to receive N75,000 over the course of three months, as part of an initiative to combat poverty in the country. The official launch of this program took place during an event commemorating the International Day for the Eradication of Poverty.

Representing President Tinubu at the launch was Sen. George Akume, the Secretary to the Government of the Federation. Sen. Akume reiterated the current administration’s commitment to addressing poverty in Nigeria through various strategic measures. He emphasized the importance of eradicating poverty and achieving decent work and social protection for all Nigerians.

Discussing the theme of the event, “Decent Work and Social Protection: Putting Dignity in Practice for All,” President Tinubu outlined the steps his administration will take to reduce poverty in the country. He stated, “My government will lead from the front in seeking to ensure that all Nigerians have opportunities for dignified work and sustained social protection.”

During the event, Dr. Betta Edu, the Minister of Humanitarian Affairs, announced that 15 million households nationwide would receive N75,000 within three months. She assured the public that a thorough verification process had been carried out to ensure that the financial assistance reached those who truly needed it. This process included collecting beneficiaries’ National Identification Numbers (NIN) and Bank Verification Numbers (BVN) and confirming the accuracy of their location.

Dr. Edu emphasized the importance of President Bola Ahmed Tinubu’s commitment to providing Nigerians with immediate, short-term, medium-term, and long-term interventions to mitigate the impact of fuel subsidy adjustments or economic shocks. This initiative aims to lift Nigerians out of poverty while also addressing the humanitarian crisis that has forced many citizens into displacement and pushed them below the poverty line.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed the President’s unwavering commitment to reducing poverty in Nigeria, making it the government’s top priority. The prevailing rate of poverty in the country is deemed unacceptable, and various measures are being put in place to combat it effectively.

Shubham Chaudhuri, the World Bank Representative to Nigeria, highlighted the significance of programs like the Conditional Cash Transfer in supporting vulnerable citizens during economic shocks. He stressed that this type of assistance is instrumental in helping individuals overcome initial challenges that may lead to long-term consequences. Such decisions often include reducing daily meals to just one or withdrawing children from school. The cash transfer mechanism, referred to as “shock-responsive cash transfer,” is currently being implemented worldwide to provide temporary relief in such circumstances.

In summary, President Bola Tinubu’s launch of the Conditional Cash Transfer Program demonstrates a concerted effort to combat poverty in Nigeria. With the goal of assisting 15 million households by providing N75,000 over three months, this initiative is seen as a key step in ensuring dignified work and social protection for all Nigerians. The government is committed to addressing the issue of poverty, and the extensive verification process underscores the determination to target the right beneficiaries. Additionally, the World Bank’s support and the government’s focus on mitigating economic shocks reinforce the importance of programs like the Conditional Cash Transfer in addressing the pressing issue of poverty in Nigeria.