- The event, held on World Poverty Eradication Day, took place at the Press Gallery of the State House in Abuja.
- The minister announced the launch of a new scheme, ‘Iya Loja Funds’, which will offer N50,000 soft loans to support petty traders.
Tuesday saw the official start of the Conditional Cash Transfer Programme for 15 million households by President Bola Tinubu.
In an occasion held in the Press Gallery of the State House in Abuja, the President, who was represented by Secretary to the Government of the Federation George Akume, launched the programme.
Recall that on October 1, 2023, the President introduced the cash transfer plan, saying it would target vulnerable persons, during his first Independence Day broadcast to Nigerians.
In attendance at the event are the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu; Minister Of Finance, Wale Edun; World Bank Country Director, Shubham Chaudhuri; and the United Nations Resident and Humanitarian Coordinator For Nigeria, Matthias Schmale; among other dignitaries.
Speaking at the event, which coincided with the World Poverty Eradication Day, the humanitarian affairs minister said the 15 million households represent 62 million Nigerians.
She said that the sum of N25,000 would be transferred to the beneficiaries on a monthly basis for three months, which amounts to N75,000 for each of the beneficiaries.
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.
Also speaking, the Country Director of the World Bank pledged his organisation’s support to the scheme.
Also, 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.