President Bola Tinubu has launched the Renewed Hope Conditional Cash Transfer for 15 million households.

The event which was held on the occasion of the World Poverty Eradication Day, took place at the Press Gallery of the State House in Abuja, with the Secretary to the Government of the Federation, George Akume representing the President.

The President had in his Independence Day broadcast to Nigerians on October 1, 2023 announced the cash transfer programme which he said would target vulnerable citizens.

The Minister of Humanitarian Affairs, Betta Edu, said the 15 million households represents 62 million Nigerians.

Betta Edu added 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 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, farmers would be provided with incentives to boost their farm yields.