In an event held in the Press Gallery of the State House in Abuja, the President, who was represented by Secretary to the Government of the Federation George Akume, launched the program.

Recall that on October 1, 2023, the President introduced the cash transfer scheme, saying it would target vulnerable individuals, during his first Independence Day broadcast to Nigerians.

The World Bank Country Director, Shubham Chaudhuri, the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu, the Minister of Finance, Wale Edun, and the United Nations Resident and Humanitarian Coordinator for Nigeria, Matthias Schmale, among others dignitaries, were present at the event.

Speaking at the event, which coincided with the World Poverty Eradication Day, the humanitarian affairs minister said the 15 million households represent 62 million Nigerians.

She said that the sum of N25,000 would be transferred to the beneficiaries on a monthly basis for three months, which amounts to N75,000 for each of the beneficiaries.

The minister also disclosed the imminent launch of another scheme with the code-name “Iya Loja Funds,” which would give petty traders soft loans of N50,000.

She added that farmers would receive incentives to increase their farm output at the start of the next farming season.

The World Bank Country Director spoke as well and vowed support for the program on behalf of his organization.

The finance minister also announced the implementation of a biometric auditing system to guarantee effectiveness and accountability in the distribution of funds to beneficiaries.