The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, has emphasized the significance of Conditional Cash Transfers (CCT) as a powerful weapon in the global fight against poverty. Speaking at the launch of the Renewed Hope Conditional Cash Transfer program in Abuja on Tuesday, Edu highlighted the program’s role in mitigating the immediate impact of the removal of fuel subsidies.
Empowering the Poor and Vulnerable
Edu expressed her belief that the CCT initiative would empower those who are most vulnerable in society. By providing financial support, it aims to uplift the majority of its beneficiaries. To signify this momentous occasion, several households were presented with symbolic cheques at the event.
As per Tinubu’s Independence Day speech, the CCT program aims to alleviate the poverty level by granting N25,000 to 15 million households for three consecutive months. Beneficiaries will be selected based on specific actions such as ensuring their children attend school regularly and making regular health visits.
A Stepping Stone to Economic Prosperity
Edu emphasized that the N25,000 cash transfer will not only boost the spending power of the beneficiaries but also improve their economic fortunes within society. Additionally, the minister announced that a N30,000 Iyaloja loan scheme will soon be introduced to aid small-scale traders in the country, facilitating economic revitalization and empowerment.
A Promise of Transparency
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, assured the public that the CCT program would adhere to global transparency standards. He stated that an inquiry would reveal the identities of all beneficiaries, ensuring the program’s accountability. Edun also emphasized that the program is one of various measures implemented by President Bola Tinubu to alleviate the suffering of Nigerians caused by the fuel subsidy removal.
World Bank Support
The World Bank Country Representative, Mr. Shubham Chaudhuri, expressed the institution’s readiness to support Nigeria in its bold economic measure of diverting funds from fuel subsidies. Chaudhuri stated that the Bank remains committed to helping its 189 member states eradicate poverty among their populations. The CCT program is one of the palliative measures pledged by the President to alleviate the immediate effects of the subsidy removal. Chaudhuri urged the relevant authorities to ensure that the funds reach the most vulnerable members of society to achieve the program’s objectives.
The CCT program’s implementation represents a significant milestone in the fight against poverty in Nigeria. By providing much-needed financial assistance to the poor and vulnerable, it aims to uplift lives and create a path towards economic prosperity for all.
NAN
