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.
“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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...
INVESTIGATION… LIVES ON THE LINE (II): Alex Ogbu was telling a story but became the story
This four-part series investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020....
SPECIAL REPORT… TELECOMS BLACKOUT: Nigeria’s latest tactic against banditry grounds businesses, forcing residents beyond borders
The fight against notorious bandits raining terror and kidnapping students in Northwest Nigeria took a new dimension in September as...