World Bank, Nigerian govt collaborate on $750m covid-19 programme

The Federal Government and the World Bank are in collaboration over the effective disbursement of $750 million for the COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme.

This was contained in a statement issued by Aso Vakporaye, the Chairman, Federal CARES Technical Committee, on Tuesday in Abuja.

He noted that the recommendation of the World Bank was contained in a letter which the Country Director of World Bank Office in Nigeria, Mr Shubham Chaudhuri, addressed to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.

The global financial institution had met all the preconditions mandated by the FG for the programme, Vakporaye noted.

He stated that the Federal Government sought the assistance of the World Bank in funding its people-centred Post COVID-19 Economic Sustainability Plan.

Read also: Nigeria seeks N12.3bn loan from World Bank, others to finance vaccine production plant

“President Muhammadu Buhari has promised to lift 100 million people out of poverty in 10 years. The NG-CARES Programme is one of the strategic actions being taken to achieve this presidential mandate.

“Each of the 36 states of the federation will get a nominal allocation of 20 million dollars, while the Federal Capital Territory (FCT) will get 15 million dollars under the Programme for Result (PforR) financing instrument of the World Bank.

“This is an emergency intervention Programme, built on three result areas with 11 disbursement linked indicators (DLIs). Results Area One: focuses on Increased Social Transfers, Basic Services, and Livelihood Support to Poor and Vulnerable Households.

“Results Area Two will address the issue of increasing food security and safe functioning of food supply chains; and Results Area Three will support initiatives aimed at facilitating the recovery and enhancing capabilities of micro and small enterprises across the federation and the FCT,” he said.

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