President Bola Tinubu has launched the Renewed Hope Conditional Cash Transfer for 15 million households.

The launch was held at the Press Gallery of the State House in Abuja on Tuesday, coinciding  with the World Poverty Eradication Day. 

The Secretary to the Government of the Federation, George Akume represented the President at the event.

Among those in attendance are Betta Edu, Minister of Humanitarian Affairs and Poverty Eradication; Wale Edun, Minister of Finance; Shubham Chaudhuri, World Bank Country Director; and Matthias Schmale, United Nations Resident and Humanitarian Coordinator for Nigeria.

On October 1, 2023, the President launched the cash distribution program, which he said will target vulnerable residents, in his first Independence Day broadcast to Nigerians.

According to the humanitarian affairs minister, the 15 million families represent 62 million Nigerians.

She stated that N25,000 would be transferred to the recipients on a monthly basis for three months, totaling N75,000 for each beneficiary.

The minister also disclosed that in no distant time, another scheme would be launched, code-named ‘Iya Loja Funds’ which would provide soft loans of N50,000 to support petty traders.

In addition, at the beginning of the next farming season, she said that farmers would be provided with incentives to boost their farm yields.

The Country Director of the World Bank, Chaudhuri, pledged his organisation’s support to the scheme.

The finance minister said a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of the funds to beneficiaries.