Cash transfer program launched by Tinubu for 15 million households

President Bola Tinubu initiated the Renewed Hope conditional cash transfer program yesterday to provide financial aid to 15 million households in Nigeria and commemorate the International Day for the Eradication of Poverty. The program aims to benefit approximately 62 million Nigerians and is focused on eliminating poverty. Last year, the National Bureau of Statistics reported that around 133 million Nigerians were living in multidimensional poverty. Speaking at the event in Abuja, the President, represented by Senator George Akume, the Secretary to the Government of the Federation, emphasized the significance of the occasion for Nigeria and his administration, reiterating their commitment to poverty alleviation as outlined in the 8-point Agenda. Tinubu highlighted the government's efforts to combat poverty and assist the most vulnerable members of society, including restructuring the Ministry of Humanitarian Affairs to incorporate poverty alleviation, developing the Renewed Hope Agenda for humanitarian response and poverty alleviation, expanding the national social register to include those living below the poverty line, restructuring the National Social Investment Programme for efficient and transparent delivery, and partnering with the World Bank and other development partners to implement conditional cash transfers, business grants, and other forms of support for vulnerable households. 

Tinubu emphasized the alignment between the theme of this year's commemoration, "Decent Work and Social Protection: Putting dignity in practice for all," and the Renewed Hope agenda of the government. The President announced the launch of the Renewed Hope Conditional Cash Transfer Program as an immediate intervention to mitigate the effects of fuel subsidy removal and other economic shocks. Furthermore, the government is working on developing additional solutions and interventions to aid Nigerians from all walks of life. The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, warned against neglecting poverty alleviation, comparing it to sitting on a keg of gunpowder. She stated that the N75,000 already announced by the President for vulnerable households is sufficient to run small-scale businesses and mentioned plans to provide low-cost shelter and implement rural vocational skills interventions to address various dimensions of poverty in the country. The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, expressed President Tinubu's strong disapproval of the high poverty rate in Nigeria and emphasized that tackling poverty and stabilizing and growing the economy are top priorities. Shubham Chaudhuri, the World Bank country representative, confirmed the widespread acceptance of cash transfers as an effective method to assist impoverished and vulnerable individuals impacted by economic shocks or rising living costs. He emphasized that cash transfers provide crucial aid during the initial period when individuals may face decisions with long-term consequences, such as reducing meals or withdrawing children from school. The current implementation of "shock-responsive cash transfer" is utilized globally to offer temporary relief in such situations.