FG accessed $750m World Bank loan to scale up NG-CARES Programme — Minister

Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, has said that under the Social Protection Agenda, the Federal Government has accessed a World Bank confessional loan of US$750 million on behalf of 36 states and Federal Capital Territory (FCT).

Agba, who disclosed this on Friday in his keynote address delivered at the maiden Ministerial Town Hall meeting on NG-CARES held in Enugu, said that it was a swift response to the challenges posed by COVID-19 pandemic. 

The minister who was represented by the Chairman, Federal CARES Technical Committee, Rev. Aso Vakporaye explained that the loan was to stimulate the local economy and increase household’s consumption among the poor and vulnerable segment of the society. 

“To ensure that implementation of the NG-CARES is fast-tracked in line with ESP and cognisant of the peculiarities of the country, each state was given the flexibility to select a minimum of 4 from the list of 11 Disbursement Linked Indications”, he added. 

According to him, “This flexibility seeks to improve the partnership between the States and Federal Government in the delivery of pro-poor interventions using existing platforms at the sub-national level.”

The minister reiterated the Federal Government’s commitment to restoring the livelihoods of poor and vulnerable Nigerians, maintain food security and facilitate the recovery of MSE’s.

He noted, “NG-CARES  Programme is one of the policy options explored by our administration to achieve these objectives. In about a year of full implementation, NG-CARES I am pleased to note that it has impacted over 2 million direct beneficiaries.”

“One of President Buhari’s strategies is to intermittently meet with, and engage stakeholders as part of Government’s accountability to the citizens. The purpose basically is to hear first hand views of our people on government policies and programmes and to feel the pulse of the nation”, he said.

Earlier in his welcome address, Chairman of the Federal CARES Technical Committee, Vakporaye, lauded the Minister of State for his continuous support and passion for the poor and vulnerable, stressing that he has contributed immensely to the milestone reached today.

Vakporaye whose address was read by Abubakar Yuduf, a Senior Staff in the Ministry, also appreciated the Federal Government and the World Bank Team Leader of the NG-CARES Professor Foluso Okunmadewa, for their efforts and support. 

The highpoint of the meeting was the goodwill messages from the governments of the five states in the Southeast geo-political zone, followed by interactive session between the Minister and beneficiaries of NG-CARES Programme.

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