President Tinubu Launched the Renewed Hope Conditional Cash Transfer Scheme
President Tinubu has launched the renewed hope conditional cash transfer scheme of his administration.
Fifteen million households, representing 62 million poorest of the poor and vulnerable Nigerians will be benefit from the scheme.
Each of the 15 million households will receive N25,000 monthly for three months.
Tinubu represented by the secretary to the government of the federation, George Akume, inaugurated the scheme at the Presidential Villa, Abuja on Tuesday.
In attendance at the event were the World Bank country director, Shubban Chaudri, the United Nation (UN) Resident Humanitarian Cordinator for Nigeria, Mathias Schmole, as well as Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, and Finance Minister, Wale Edun.
The scheme will be followed by another one called “Iyaloja Loan” which would provide N50,000 loan for petty traders.
The World Bank country director said his organization would support the conditional cash transfer scheme.
The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, commended President Tinubu for providing the opportunity for 15 million households to benefit from the conditional cash transfers.
According to her, the world over, conditional cash transfers are effective forms of intervening in terms of pulling people out of poverty and providing that immediate cushioning for whatever economic shock that they might be going through.
She said: “as we speak right now, the first phase of the payments have already begun, the persons who are presented with the plaques today can actually attest and show the evidence that they have received their monies. They were gotten from the National Social Register. Verification has been ongoing in the last three weeks.
“And Nigerians that are on that register have been verified with their Biometrics Verification Number (BVN), National Identification Number (NIN), as well as all the forms of in person verification at the points of their household, to verify that they did the bracket and that meets all the criteria within the checklist that’s required to help them get this funded.
“Remember that it would be an expansion of this register, which would carry the vulnerable pensioners, veterans and wives of fallen heroes, as well as other areas of concern where they were not fully captured, but however, we are starting. And what we are starting with are those that have been verified across all the states in Nigeria.
Verification process is still ongoing. And so for the first set that have been verified they will receive their money immediately.