President Bola Tinubu has initiated the disbursement of the monthly ₦25,000 to 15 million households on Tuesday.
This move, he said is targeted at alleviating the hardship that has been imposed on the citizens due to the removal of fuel subsidy.
‘I hereby flag off the Renewed Hope conditional cash transfer programme for 15 million households targeted at uplifting poor and vulnerable Nigerians as an immediate intervention to cushion the effects of fuel subsidy removal and other economic shocks,’ Tinubu told guests and international partners who converged on the Press Gallery of the State House, Abuja.
One of the 15 agreements outlined in the Memorandum of Understanding between the Federal Government and the Organised Labour on October 2, 2023, is the conditional cash transfer.
Africa Today News, New York, has reported that Labour set Tuesday, October 3, as the initial day of its open-ended nationwide strike, citing the government’s failure to engage in meaningful discussions regarding the repercussions of the surge in petrol pump prices, causing serious hardships for Nigerian workers and the general public.
‘It’s going to be a total shutdown…until the government meets the demand of Nigerian workers, and in fact Nigerian masses,’ the union leaders affirmed in a joint statement dated September 26, 2023.
Upon the signing of the MoU on October 2, Labor suspended its 30-day plan, with a promise to reevaluate the situation if the Federal Government fails to implement the immediate components of the agreement within the agreed-upon 30-day period.
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Speaking on Tuesday, which is also the International Day for the Eradication of Poverty, Tinubu, who was represented by the Secretary to the Government of the Federation, George Akume, said his administration is ‘partnering with the World Bank Group and other development partners to implement conditional cash transfers, business grants and other forms of support for the most vulnerable households via the National social safety net expansion programme.’
He continued, ‘The theme of this year’s commemoration, Decent Work and Social Protection: Putting dignity in practice for all, is no doubt in perfect alignment with the Renewed Hope agenda.’
‘My government will lead from the front in seeking to ensure that all Nigerians have opportunities decent for dignified work and sustained social protection.’
However, he underscored that the government is currently dedicated to devising and executing numerous additional initiatives and remedies to support individuals from all backgrounds across Nigeria.
These measures include a commitment of N100bn to procure 3,000 units of 20-seater Compressed Natural Gas-powered buses, facilitating more affordable transportation. Additionally, N200bn will be invested in cultivating 500,000 hectares of farmland, ultimately bolstering food security.
Further, 2000 metric tons of grains will be released from the strategic grain reserves to households across the 36 States and the Federal Capital Territory, with the distribution of 225,000 metric tons of fertiliser and seedlings to farmers dedicated to the nation’s food security.
Moreover, there will be a provision of 75 billion to aid 100,000 SMEs and start-ups. The launch of the Renewed Hope Shelter Programme for the Poor, Refugees & Internally Displaced Persons will be directed towards one million households. Additionally, there will be a Renewed Hope Business Grants & Loans plan for Vulnerable Market Women, Farmers, and Traders to expand their businesses, benefiting two million beneficiaries, along with several other initiatives.
The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, revealed that the scheme is projected to aid 61 million Nigerians every month from October until December.
She said, ‘So in total, 15 million households will be receiving 75,000 Naira over three months. This equates to about 61 million Nigerians directly benefiting from the conditional cash transfer.’
‘Why do we call it conditional cash transfer? And what really can it do for Nigerians? If we are sincere with ourselves and as a country, we all must put our hands together to make progress.’
‘We must recognise the fact that indeed there is a need for that urgent intervention to Nigerians Nigerians need to feel the renewed hope agenda 75,000 Naira.’
Edu said beyond the cash transfers, the FG will provide ‘low-cost shelter for the poor and internally displaced persons as a form of providing that cover for them.’
‘Several other interventions, including the Rural Vocational Skills Intervention, will be carried out at mass scale.’
‘All of these are targeted at the various dimensions of poverty in the country.’