The Conditional Cash Transfer (CCT) has been cited by Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, as one of the most important tools in the fight against poverty in the world.
She said this on Tuesday in Abuja at the Conditional Cash Transfer (CCT) launch of the Renewed Hope program.
Edu claimed that the CCT was a part of the administration led by Tinubu’s efforts to lessen the immediate effects of the elimination of subsidies on Premium Motor Spirit (PMS), often known as gasoline.
She added that the money was a source of uplift for the majority of beneficiaries and that the new effort will strengthen the weakest and most disadvantaged sections of society.
The symbolic delivery of checks to many houses at the event’s location served to announce the CCT debut, according to the News Agency of Nigeria (NAN).
In his Independence Day speech, Tinubu mentioned the CCT program and promised to donate N25,000 to 15 million homes over the course of three months in an effort to reduce poverty.
According to NAN, CCT comprises payments made to beneficiaries in exchange for certain behaviors, such enrolling children in school or scheduling routine medical appointments.
Each of the beneficiaries would receive N25,000, according to the minister, in order to increase their purchasing power and social standing.
As part of economic revitalization and empowerment, she added that the N30,000 Iyaloja loan program would soon begin for small-scale traders throughout the nation.
NAN also adds that the first installment payments for five beneficiaries—Larai Suleiman, Shuaiabu Hassana, Sariki Gamu, Okor Jonah, and Hameed Isiaka—have all been made.
The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, promised that the CCT program would be transparent and adhere to accepted international standards.
He said that the program had a built-in feature that would reveal all beneficiaries upon request.
Edun claimed the this was one of many actions made by President Bola Tinubu to lessen the hardship of Nigerians brought on by the elimination of fuel subsidies.
Shubham Chaudhuri, the country representative for the World Bank, stated that the organization was prepared to assist Nigeria in taking the audacious economic step of releasing money from the constraints of gasoline subsidies.
He claimed that the bank was eager to assist its 189 members in eradicating poverty among their various populations.
The CCT program, according to Chaudhuri, is one of the palliatives the president promised would help lessen the immediate effects of the subsidy reduction.
In order for the fund to accomplish its goals, he pleaded with the appropriate authorities to make sure that it reached the most disadvantaged segments of society.
