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States to get $20m each, FCT $15m from World Bank’s $750m grant

The 36 states of the Federation will get $20 million each with the Federal Capital Territory (FCT) getting $15 million from $750 million World Bank support to complement the government efforts to pull 100 million Nigerians out of poverty. Vice-President Yemi Osinbajo disclosed this yesterday in Abuja, at the inauguration of the NG-CARES programme implementation with the World Bank’s $750 million loan. According to him, the World Bank support fund was in support of COVID-19 Action Recovery and Economic Stimulus also known as NG-CARES.

This would also leverage on existing job creation, wealth creation and poverty reduction programmes at the community level. While noting that the programme would build on diverse and extensive interventions by the Federal Government, Osinbajo said the “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 further disclosed that the World Bank loan “will be over a period of 2 years (2021-2023), and the intervention allocation to each State is $20million ex-ante and $15million to FCT, and $15million for the NG CARES Support Unit. The programme is to be driven by States using the Programme for Results-PforR-delivery mechanism.”

 

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