The CCT ₦25,000 monthly Funds to poor Nigeria begins. At Tuesday’s Renewed Hope Conditional Cash Transfer (CCT) launch in Abuja.
Edu said that the CCT was part of efforts by the Tinubu-led administration to alleviate the immediate effect of the removal of subsidy on Premium Motor Spirit (PMS), known as petrol.
She said that the new initiative would empower the poor and most vulnerable members of society, adding that the sum was a source of uplifting the majority of beneficiaries.
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During the Independence Day speech, Tinubu announced the CCT programme, where he said that 15 million households would each be given ₦25,000 for three consecutive months to alleviate the poverty level.
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The minister said that ₦25,000 would be given to each beneficiary to improve their spending power and economic fortunes.
She also said that the ₦50,000 – ₦1.5m Iyaloja loan scheme would soon be started for small-scale traders in the country as part of economic revitalisation and empowerment.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, vowed that the CCT programme would be transparent following extant global practices. He said the programme had an in-built mechanism to reveal all the beneficiaries upon an enquiry.
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The World Bank Country Representative, Shubham Chaudhuri, said the institution was ready to support Nigeria for taking the bold economic measure to divert funds from the shackles of fuel subsidy.
He said the bank was interested in helping its 189 member states eliminate poverty among their different peoples.
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