FG launches conditional cash transfer of N75,000 to 15million households

President Bola Tinubu has formally launched the promised conditional cash transfer program targeted at 15 million households across the country who are billed to receive N75,000 within three months.

The formal launch of the program was held at an event to mark the International Day for the Eradication of Poverty.

The President was represented by the Secretary to the Government of the Federation, Sen. George Akume who said the current administration has strategized several means to tackle poverty in the country.

Speaking on the theme of the event “Decent Work and Social Protection: Putting Dignity in Practice for All” the President reeled the steps his administration will follow to reduce the spread of poverty in the country.

He said, “My government will lead from the front in seeking to ensure that all Nigerians have opportunities for dignified work and sustained social protection,”

15million households to receive N75,000

Also speaking at the event was the Minister of Humanitarian Affairs, Dr. Betta Edu who said, 15million households across the country will get N75,000 within three months.

She added that adequate verification process has been carried out to ensure the funds get to the deserving beneficiaries. The process includes getting their NIN, BVN and ensuring their location is correct.

In her words, “Our President Bola Ahmed Tinubu has resolved that Nigerians would have both immediate short-term, medium-term or long-term interventions to cushion not just the effect of force subsidy or any economic shock but to ensure that we can pull Nigerians out of poverty while preventing mitigating against the humanitarian crisis that has led lots of Nigerians into being displaced or living below the poverty line”

Finance Minister and World Bank representative speak

The Minister of finance and coordinating minister of the economy, Mr. Wale Edun said the rate of poverty in the country was unacceptable to the President and reducing poverty remains the President’s number one priority.

The Representative of the World Bank to Nigeria, Shubham Chaudhuri noted that programs such as the conditional cash transfer have proven to be one of the most potent ways to assist vulnerable citizens against economic shocks.

In his words, “This aid is crucial in helping them overcome the initial period during which they might otherwise be compelled to make decisions with long-term consequences. For instance, these decisions might include reducing daily meals to just one or withdrawing their children from school. The type of cash transfer referred to as ‘shock-responsive cash transfer’ that is currently being implemented is utilized by countries worldwide to offer temporary relief in such situations.”