The Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, believes that Conditional Cash Transfer (CCT) is a powerful tool in the global fight against poverty.
Edu made this statement during the launch of the Renewed Hope Conditional Cash Transfer (CCT) in Abuja. This initiative is part of the government’s efforts to alleviate the immediate impact of removing subsidies on petrol.
The CCT program aims to empower the poor and most vulnerable members of society. It provides financial support to uplift the beneficiaries and improve their economic situation.
During the launch event, symbolic cheques were handed over to several households to mark the beginning of the CCT program.
President Tinubu announced the CCT program during his Independence Day speech. He stated that 15 million households would receive N25,000 each month for three consecutive months to help alleviate poverty.
CCT involves giving transfers to beneficiaries based on specific actions, such as sending children to school or regularly visiting healthcare facilities.
Each beneficiary will receive N25,000 to improve their spending power and economic situation within society.
In addition to the CCT program, the government plans to launch the N30,000 Iyaloja Loan Scheme. This scheme aims to support small-scale traders and contribute to economic revitalization and empowerment.