Tinubu Launches N1.125 Trillion Cash Aid Initiative For 15 Million Households

Date:

President Bola Tinubu has officially introduced the “Renewed Hope Conditional Cash Transfer Programme” as a strategic response to mitigate the impact of fuel subsidy removal, and economic uncertainties on vulnerable groups in Nigeria.

In a ceremony held at the Presidential Villa in Abuja, which coincided with the International Day for the Eradication of Poverty, Tinubu outlined that this initiative is designed to provide assistance to 15 million households, with the primary goal of uplifting those in need.

This comprehensive program, with an estimated budget of N1.125 Trillion, is set to benefit 62 Million individuals over the next three months; each receiving N75,000 in financial aid.

During the symbolic event honoring the first five beneficiaries, President Tinubu, represented by the Secretary to the Government of the Federation (SGF), George Akume, expressed the administration’s unwavering commitment to take a leading role in ensuring that all Nigerians have access to sustained social protection.

Furthermore, he revealed the government’s plans for additional interventions, which include a N100 Billion investment in the procurement of 3,000 Compressed Natural Gas (CNG) powered buses to facilitate more affordable transportation. There is also a N200 Billion investment earmarked for cultivating 500,000 hectares of farmland to bolster food security.

Additionally, the government will release 2,000 metric tons of grains from strategic reserves to be distributed to households in all 36 states and the Federal Capital Territory. Other measures include the distribution of 225,000 metric tons of fertilizer and seedlings to farmers, a N75 Billion fund to support 100,000 small and medium-sized enterprises (SMEs) and startups, as well as the “Renewed Hope Shelter Programme” for underprivileged individuals, refugees, and internally displaced persons.

This all-encompassing initiative will also extend “Renewed Hope Business Grants and Loans” to vulnerable market women, farmers, and traders, and provide support to micro, small, and medium-sized enterprises (MSMEs), ultimately covering one million MSMEs.

 

 

 

 

 

 

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

FCCPC ORDERS MONITORING OF MARKET PRICES AMID NAIRA APPRECIATION

The Federal Competition and Consumer Protection Commission (FCCPC) has...

NEW AKWA IBOM POLICE PUBLIC RELATIONS OFFICER ASSUMES DUTY

The newly appointed Police Public Relations Officer (PPRO) for...

UEFA Champions League: Mbappe Stars As PSG Beat 10-man Barcelona

Luis Enrique returned to Barcelona to knock his former...

Tennis: Nadal Makes Triumphant Return At Barcelona Open

Rafael Nadal enjoyed a winning start at the Barcelona...