The minister of humanitarian affairs and poverty alleviation, Betta Edu, has described the Conditional Cash Transfer (CCT) as one of the key instruments for fighting poverty globally.

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

Ms Edu said that the CCT was part of efforts by the President Bola Tinubu-led administration to alleviate the immediate effect of the removal of subsidy on Premium Motor Spirit (PMS), known as petrol.

She said that the new initiative would empower the poorest and most vulnerable members of society, adding that the sum was a source of inspiration for the majority of beneficiaries.

The CCT launch was heralded by the symbolic handing over of cheques to a number of households at the venue of the event.

The CCT programme was announced by Mr Tinubu during the Independence Day speech, where he said that 15 million households would each be given N25,000 for three consecutive months to alleviate the poverty level.

CCT entails transfers given to beneficiaries based on specific actions, such as sending children to school or making regular health visits.

The minister said that N25,000 would be given to each of the beneficiaries to improve their spending power and economic fortunes in society.

She also said that the N30,000 Iyaloja loan scheme would soon be started for small-scale traders in the country as part of economic revitalisation and empowerment.

Five beneficiaries, Larai Suleiman, Shuaiabu Hassana, Sariki Gamu, Okor Jonah, and Hameed Isiaka, were each given their first monthly instalment payment.

Wale Edun, minister of finance and coordinating minister of the economy, vowed that the CCT programme would be transparent in accordance with existing global practices.

He said that the programme had an in-built mechanism to reveal all the beneficiaries upon an enquiry.

Mr Edun said that the programme was one of the various measures taken by Mr Tinubu to alleviate the suffering of Nigerians occasioned by the fuel subsidy removal.

The World Bank country representative, Shubham Chaudhuri, said that the institution was ready to support Nigeria in taking the bold economic measure to divert funds from the shackles of fuel subsidy.

He said that the bank was interested in helping its 189 member states eliminate poverty among their different peoples.

Mr Chaudhuri said that the CCT programme was part of the palliatives pledged by the president that would further assuage the immediate effects of the subsidy removal.

He urged the relevant authorities to ensure that the fund reached the most vulnerable members of society in order to achieve its objectives.

(NAN)