The Federal Government of Nigeria initiated the NG-CARES program with a $750 million loan from the World Bank in order to stimulate the Nigerian economy.
Vice President Yemi Osinbajo, SAN, made the announcement at the National Launch of the NG-CARES program on Thursday in Abuja.
NG-CARES is a multi-sectoral program that includes State Cash Transfer Units, Agriculture Development Agencies, and Job Creation Units/MSE Support Units funded by the Administration’s Government Enterprise and Empowerment Programme, as well as the ongoing implementation of the Economic Sustainability Plan (ESP) (GEEP).
According to Prof. Osinbajo, the project will focus on the country’s poorest citizens.
“NG-CARES programme is designed to support vulnerable and poor Nigerians, provide immediate emergency relief to smallholder farmers and SMEs that were adversely affected by the COVID-19 pandemic.”
He went further to say that the plan “was developed within the context of our response to the COVID-19 crisis and the Economic Sustainability Plan serving as the bridge.”
The World Bank loan will be for two years (2021-2023), with each state receiving $20 million ex-ante, the FCT $15 million, and the NG CARES Support Unit $15 million, according to the Vice President. The Program for Results-PforR delivery mechanism will be used to drive the program.
The Vice President went on to say that he was looking forward to the program’s rapid and effective implementation, both at the federal and state levels, and that he urged implementing agencies to “fully deploy their wealth of experience and expertise to ensure the successful take-off and implementation of the NG-CARES programme.”