On Tuesday, World Poverty Eradication Day, the event took place in Abuja at the State House's Press Gallery.
The President was represented at the occasion by George Akume, Secretary to the Government of the Federation.
Among the dignitaries present are the Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu; the Minister of Finance, Wale Edun; the Country Director for the World Bank, Shubham Chaudhuri; and the UN Resident and Humanitarian Coordinator for Nigeria, Matthias Schmale.
On October 1, 2023, the President made the announcement of the cash distribution scheme that he said will target vulnerable residents during his first Independence Day broadcast to Nigerians.
According to the minister of humanitarian affairs, the 15 million families represent 62 million Nigerians.
She stated that a three-month transfer of N25,000, or N75,000 for each beneficiary, would be made to the recipients on a monthly basis.
The minister also announced the impending launch of another program with the working title "Iya Loja Funds," which would give petty traders unsecured loans of N50,000.
She added that farmers would receive incentives to increase their farm output at the start of the upcoming farming season.
Chaudhuri, the World Bank's country director, promised that his organization will back the plan.
To enhance effectiveness and accountability in the distribution of the monies to beneficiaries, the finance minister said that a biometric auditing system will be used.