President Bola Tinubu has on Tuesday commenced the Renewed Hope conditional Cash transfer initiative, which will provide N25,000 per month to 15 million households. The initiative is a prompt intervention to aid the poor and vulnerable Nigerians and ease the after effect of the recent removal of the country’s fuel subsidy and other economic shocks. It is mainly one of the 15 items in the Memorandum of Understanding between the Federal Government and the Organized Labour on October 2, 2023, signed as part of their dialogue.
In his speech on Tuesday, which is also the International Day for the Eradication of Poverty, he spoke about his administration’s plans to expand the National social safety net by providing conditional cash transfers, business grants, and other forms of support to the most impoverished households. The Renewed Hope agenda cordially aligns with this year’s commemoration theme, “Decent Work and Social Protection: Putting dignity in practice for all,” as stated by Tinubu, who was represented by the Secretary to the Government of the Federation, George Akume.
Government is working on creating more initiatives.
He asserts that his administration will be at the forefront of ensuring improved living conditions for Nigerians by creating more possibilities for decent work and sustainable social Security. Also, he added that the government is working on creating and implementing more solutions and initiatives. For example, N100 billion would be invested to purchase 3,000 CNG-powered buses with 20 seats each, making public transport more affordable; and N200 billion would be used to cultivate 500,000 acres of agriculture, making food production more reliable.
Additionally, 225,000 metric tonnes of fertilizer and seedlings will be distributed to farmers who are dedicated to the nation’s food security, and 2,000 metric tonnes of grains will be released from the strategic grain reserves to households across the 36 States and the Federal Capital Territory. Others include the release of 75 billion to support 100,000 SMEs and start-ups, Renewed Hope Shelter Programme for the Poor, Refugees & Internally Displaced Persons targeted at one million households and Renewed Hope Business Grants & Loans for Vulnerable Market women, farmers, and traders to expand their business targeted at two million beneficiaries, among others.
About 61 million Nigerians who would gain financial support.
Dr. Betta Edu, Nigerian Minister of Humanitarian Affairs and Poverty Alleviation, has indicated that 61 million people, per month in October, November, and December, will benefit from the programme. This means that over the course of three months, 15 million households will each receive 75,000 Naira. That’s about 61 million Nigerians who would gain financial support as a result of the conditional cash transfer. In addition to monetary aid, the FG will also give low-cost shelter for the poor and internally displaced persons, Dr. Edu said.
There will be widespread implementation of several initiatives, including the Rural Vocational Skills Intervention. All of these initiatives aim to alleviate specific aspects of poverty across the nation. Mr. Wale Edun, Nigerian Minister of Finance and Coordinating Minister of the Economy, has stated that President Tinubu and the others find the 63% poverty rate intolerable, and as a result, the president has made combating poverty his top objective. Meanwhile, the World Bank’s country representative for Nigeria, Shubham Chaudhuri has affirmed the widespread applicability of cash transfers in alleviating poverty.
Such support is vital in helping the vulnerable.
Chaudhuri pointed out that the approach is one of the most effective ways to help citizens, especially the poor and the vulnerable, who have been hit by economic shocks or increased living costs. Such support is vital in helping the vulnerable have control over the initial challenging moments where they may have to make decisions with long-standing repercussions. He noted that countries all across the world employ the “shock-responsive cash transfer” to aid their citizens momentarily during such scenarios.
