Nigeria’s NG-CARES To Take Off With N311.2 Trillion World Bank Loan

Nigeria’s NG-CARES To Take Off With N311.2 Trillion World Bank Loan

  • The Nigerian government has launched a multi-sectoral programme, NG-CARES with N311.2 trillion to stimulate the economy
  • The programme is also aimed at creating jobs, support the Small and Medium Enterprises and the Agricultural sector
  • Vice President Osinbajo, who launched the programme, said it last for three years and the fund shared among the states

In its drive to boost Nigeria’s economy, the federal government has founded NG-CARES programme implementation with N311, 250 trillion World Bank loan.

Nigeria’s Vice President, Yemi Osinbajo, on Thursday, 20, 2022 disclosed this during the take off of the programme in Abuja.

Vice President Yemi Osinbajo
Vice President Osinbajo Credit: Andrew Harnik
Source: Getty Images

A report from Nairametrics said that NG-CARES is a multi-sectoral focused programme, along with the ongoing execution of the Economic Sustainability Plan (ESP) as well as the state cash transfer units/MSE support unit, Agriculture Development Agencies and Job Creation Units funded by the Administration’s Enterprises and Empowerment Programme (GEEP).

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According to Osinbajo, the initiative is targeted at the country’s poor.

What the programme is about

He said NG-CARES programme is designed to support the poor Nigerians, give immediate emergency relief to smallholder farmers and SMEs that have been impacted badly by the COVID-19 pandemic.

He revealed that the plan was built within the context of the country’s response to the pandemic crisis and the ESP will serve as the bridge.

What the Osinbajo said

Osinbajo said that the World Bank loan will last for two years (2021-2023), with each state getting N8.2 billion based on the forecast, the Federal Capital Territory getting N6.2 billion, and the Support Unit of NG-CARES receiving N6.2 billion each.

He stressed that the programme for Results (PforR) delivery mechanism.

FG shares N5,000 monthly to two million poor Nigerians

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Auditor general reveals how ministry, police, 7 others spent N49.5bn without NASS approval reports that About two million households receive N5,000 monthly under the Conditional Cash Transfer programme anchored by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, the Federal Government said on Thursday, 6 January 2021.

It further stated that over 10 million Nigerian pupils were currently benefitting from the school feeding programme of the government being managed by the humanitarian ministry.

The National Coordinator, National Social Investment Programme, Umar Bindr, stated this at the NSIP annual strategic review meeting in Abuja, the punch newspaper reports.


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