April 23, 2024
Access Funds: Conditional Cash Transfer (CCT) of ₦25,000 per month from the Nigerian Government

Access Funds: Conditional Cash Transfer (CCT) of ₦25,000 per month from the Nigerian Government

Access Funds: Conditional Cash Transfer (CCT) of ₦25,000 per month from the Nigerian Government. At the Renewed Hope event on Tuesday in Abuja, it was revealed that the ₦25,000 monthly conditional cash transfer (CCT) funds for underprivileged individuals in Nigeria would begin. According to Edu, this plan is part of the Tinubu-led administration’s efforts to address the immediate impact of the removal of subsidies on Premium Motor Spirit (PMS), generally known as fuel.

She hoped that this new project would empower the most marginalized and disadvantaged members of society. She further underlined that the bulk of the beneficiaries will be considerably helped by the amount donated. During his Independence Day speech, Tinubu launched the CCT initiative, which aims to pay ₦25,000 to 15 million households for three consecutive months to strengthen efforts to alleviate poverty. Reducing the nation’s poverty rate is the main goal.

The Humanitarian Affairs and Poverty Alleviation Minister, Dr. Betta Edu, emphasized that every recipient will receive ₦25,000, which will significantly raise their purchasing power and improve their employment opportunities. The minister also disclosed plans to introduce the Iyaloja loan scheme, which will target small-scale traders and range from ₦50,000 to ₦1.5 million. The government’s commitment to economic empowerment and revitalization includes this effort.

The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, promised that the CCT program would be carried out transparently and under accepted international standards. The program has procedures in place for disclosing participants upon request. Shubham Chaudhuri, the World Bank’s Country Representative, stated that his organization is prepared to back Nigeria’s audacious economic decision to remove money from fuel subsidies. The organization wants to help the 189 states that make up its membership end poverty among their people.

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