Federal Government Business Loan Initiative 2023/2024

The Federal Government initiates a conditional cash transfer program, providing N25,000 to 15 million households per month. President Bola Tinubu has formally launched the promised conditional cash transfer initiative, targeting 15 million households across the country slated to receive N25,000 monthly.

he program was officially inaugurated at an event marking the International Day for the Eradication of Poverty. At the event, Senator George Akume, representing the President, emphasized the Nigerian government’s strategic endeavors to combat poverty.

Focusing on the theme “Decent Work and Social Protection: Putting Dignity in Practice for All,” the President outlined proactive measures to ensure every Nigerian has access to dignified work and continuous social protection.

Simultaneously, Dr. Betta Edu, the Minister of Humanitarian Affairs, revealed that 15 million households nationwide would receive N25,000 in a span of three months. She underscored the meticulous verification process, including validating their National Identification Number (NIN) and Bank Verification Number (BVN), along with confirming their precise location, to guarantee funds reach deserving recipients.

Mr. Wale Edun, the Finance Minister and Coordinating Minister of the Economy, reiterated the President’s steadfast commitment to reducing poverty, addressing the current unacceptable poverty rate in the country. He stressed that poverty alleviation remains the President’s foremost priority.

Shubham Chaudhuri, the World Bank Representative to Nigeria, emphasized the efficacy of programs like conditional cash transfers in aiding vulnerable citizens during economic crises. He underscored the significance of such assistance in averting long-term consequences, such as limited daily meals or withdrawing children from school.

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