Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has announced that the Conditional Cash Transfer (CCT) is a pivotal tool in the fight against poverty in Nigeria. This sentiment was expressed during the launch of the Renewed Hope Conditional Cash Transfer in Abuja.
Edu highlighted that the CCT initiative is a strategic move by the Tinubu-led administration to counterbalance the immediate repercussions of the removal of the subsidy on Premium Motor Spirit (PMS), commonly referred to as petrol.
The minister noted that the programme is not just about financial handouts; but about empowering the most vulnerable in society. By doing so, the government aims to uplift a significant portion of the beneficiaries, addressing the pressing issue of poverty in Nigeria.
The Mechanics of the CCT
President Tinubu had previously announced the CCT during his Independence Day speech, committing to provide 15 million households with a ₦25,000 stipend monthly for three consecutive months.
According to him, the cash handout will make a tangible dent in the poverty levels in Nigeria.
Furthermore, the CCT isn’t just about cash handouts. It’s tied to actionable measures, such as ensuring children attend school or households make regular health visits.
Edu speaks on economic revitalisation and empowerment
Edu emphasised that the ₦25,000 allocation for each beneficiary is designed to bolster their purchasing power, thereby stimulating economic activity.
She also hinted at the forthcoming ₦30,000 Iyaloja loan scheme, targeted at small-scale traders, further underscoring the government’s commitment to economic revitalisation.
What you need to know
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, also assured Nigerians of the transparency of the CCT programme, aligning with global best practices.
The World Bank Country Representative, Shubham Chaudhuri, commended Nigeria’s bold economic steps, especially in redirecting funds previously tied up in fuel subsidies.
Chaudhuri reiterated the World Bank’s commitment to supporting its member states, including Nigeria, in their endeavours to eradicate poverty.
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