Cash Transfers Are Deemed The Most Effective Method For Combating poverty, According To The Minister.

Betta Edu: CCT a Vital Tool in the Fight Against Poverty…CONTINUE READING

Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has lauded Conditional Cash Transfer (CCT) as a crucial tool in the global battle against poverty.

She made this statement at the launch of the Renewed Hope Conditional Cash Transfer (CCT) in Abuja on Tuesday.

Edu highlighted that CCT is a part of the measures introduced by the Tinubu-led administration to mitigate the immediate impacts of the removal of subsidy on Premium Motor Spirit (PMS), commonly known as petrol.

She emphasized that this new initiative is aimed at empowering the nation’s impoverished and most vulnerable citizens, providing a source of support and upliftment to the majority of beneficiaries.

The CCT program was first introduced during President Tinubu’s Independence Day speech, where he announced that 15 million households would receive N25,000 each for three consecutive months to alleviate poverty.

CCT involves providing transfers to beneficiaries based on specific actions, such as sending children to school or ensuring regular health check-ups.

Edu revealed that each beneficiary will receive N25,000, which will enhance their purchasing power and improve their economic prospects.

She also mentioned that the N30,000 Iyaloja Loan Scheme for small-scale traders would be initiated soon as part of the broader economic revitalization and empowerment efforts.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured that the CCT program would be conducted transparently in accordance with international norms. He stated that the program includes a built-in mechanism to disclose all beneficiaries upon inquiry.

The World Bank Country Representative, Mr. Shubham Chaudhuri, expressed the bank’s readiness to support Nigeria in implementing significant economic measures to free funds from the constraints of fuel subsidy.

He underlined the bank’s interest in assisting its 189 member states in eliminating poverty among their populations. Chaudhuri stressed that the CCT program is part of the palliatives promised by the president to further alleviate the immediate effects of subsidy removal and urged authorities to ensure that funds reach the most vulnerable individuals in society to achieve its objectives.