61 Million Nigerians To Benefit From N1 Trillion Cash Transfer Scheme – FG

Federal Government has said that 61 million Nigerians would benefit from the Renewed Hope Conditional Cash Transfer.

VerseNews reports that this was made known by the the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu at the scheme inauguration event.

VerseNews earlier reported that President Bola Tinubu on Tuesday inaugurated the N1tn cash transfer programme to 15 million households to cushion the economic shocks of the fuel subsidy.

The event, which coincided with the World Poverty Eradication Day, was held at the Press Gallery of the State House in Abuja.

Each household will receive N25,000 for three months. With 15 million households getting N25,000 each for three months, about N1.13tn will be spent on the programme.

The Country Director of the World Bank, Chaudhuri, pledged his organisation’s support to the scheme.

Also, the finance minister said a biometric auditing system would be put in place to ensure efficiency and accountability in the disbursement of the funds to beneficiaries.

She said that the sum of N25,000 would be transferred to the beneficiaries on a monthly basis for three months, which amounts to N75,000 for each of the beneficiaries.

The minister also disclosed that in no distant time, another scheme would be launched, code-named ‘Iya Loja Funds’ which would provide soft loans of N50,000 to support petty traders.

In addition, at the beginning of the next farming season, she said that farmers would be provided with incentives to boost their farm yields.