In a momentous event coinciding with the International Day for the Eradication of Poverty, President Bola Tinubu officially introduced the Renewed Hope Conditional Cash Transfer Programme at the Presidential Villa in Abuja. The initiative, designed to alleviate the impact of fuel subsidy removal and economic challenges on vulnerable groups in Nigeria, aims to assist 15 million households, totaling 62 million beneficiaries over the next three months. Each household will receive N75,000 (circa £100) as part of this comprehensive social protection plan.
Represented by the Secretary to the Government of the Federation, George Akume, President Tinubu expressed his administration’s dedication to ensuring the welfare of all Nigerians, emphasising sustained social protection as a key goal. He outlined a series of interventions aimed at enhancing various sectors of society:
1. Investment in Affordable Transportation: The government plans to invest N100 billion to acquire 3,000 units of 20-seater Compressed Natural Gas (CNG) powered buses, facilitating more affordable transportation options for citizens.
2. Boosting Agricultural Production: An investment of N200 billion will be made to cultivate 500,000 hectares of farmland, contributing significantly to enhancing food security in the country.
3. Grains Distribution: The government will release 2,000 metric tons of grains from strategic reserves to households across all 36 states and the Federal Capital Territory, ensuring essential food supplies for families.
4. Supporting Farmers: A planned distribution of 225,000 metric tons of fertilizer and seedlings will be provided to farmers, aiding them in maximizing their agricultural yields.
5. Boosting Small Businesses: N75 billion will be allocated to support 100,000 Small and Medium Enterprises (SMEs) and startups, fostering entrepreneurship and economic growth.
6. Renewed Hope Shelter Programme: A special initiative aimed at providing housing support for the poor, refugees, and internally displaced persons.
7. Business Grants and Loans: The Renewed Hope program will offer grants and loans specifically tailored for vulnerable market women, farmers, and traders, empowering them to expand their businesses.
8. MSME Support: Renewed Hope will extend support to one million Micro, Small, and Medium Enterprises (MSMEs), fostering the growth of small businesses and local economies.
This multi-faceted approach signifies the government’s commitment to addressing key challenges faced by various sectors of society, fostering economic stability, and ensuring the well-being of vulnerable populations. The Renewed Hope Conditional Cash Transfer Programme stands as a beacon of social protection, embodying the government’s dedication to uplifting the nation’s citizens.