In a bid to alleviate the economic challenges faced by vulnerable Nigerians, President Bola Tinubu has initiated a Conditional Cash Transfer program. The program aims to provide N25,000 per month to 15 million households across the country. The initiative was launched on the International Day for the Eradication of Poverty, as a response to the effects of fuel subsidy removal and other economic shocks.
The program is a part of a Memorandum of Understanding between the Federal Government and Organized Labor, signed on October 2, 2023, which includes 15 different items. This agreement helped to prevent an indefinite nationwide strike scheduled by the labor union in protest of the government’s handling of the petrol pump price increase.
Speaking on behalf of President Tinubu, the Secretary to the Government of the Federation, George Akume, emphasized the government’s commitment to working with international partners, including the World Bank Group, to implement conditional cash transfers, business grants, and other forms of support for vulnerable households. The program aims to provide a safety net for those facing economic hardships.
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Beyond the conditional cash transfers, the government is implementing various other initiatives to address poverty and economic challenges. These include investing in Compressed Natural Gas-powered buses for cheaper transportation, cultivating farmland to enhance food security, releasing grains and distributing fertilizers to farmers, and providing support to SMEs and startups.
The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, revealed that 61 million Nigerians will benefit from the scheme over three months. This initiative is seen as an essential step to combat poverty and provide renewed hope to the citizens.
The World Bank country representative, Shubham Chaudhuri, affirmed that cash transfers are a vital tool in reducing poverty and helping vulnerable individuals during times of economic hardship. Such programs have been implemented worldwide to provide temporary relief to those facing economic challenges.
This conditional cash transfer program represents a significant effort by the Nigerian government to tackle poverty and support its citizens during challenging economic times. It aims to provide financial relief to millions of households and help individuals overcome immediate economic difficulties.
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