Each of the 36 states in Nigeria will get $20m from the $750m World Bank intervention as Coronavirus Disease loan covering 2021 to 2023.
The Minister of State for Finance, Budget and National Planning, Clement Agba, made the disclosure on Wednesday while receiving operational vehicles from the Minister of Humanitarian Affairs and Disaster management, Sadiya Farouq, in Abuja.
He added that $15m of the intervention would go to the Federal Capital Territory and another $15m to the Federal CARES Support Unit.
The effort, which aligns with President Muhammadu Buhari’s determination to lift 100 million Nigerians out of poverty in the next 10 years, according to him, is part of measures to mitigate the effect of the virus.
Agba said, “The Nigeria Covid-19 Actions Recovery and Economic Stimulus programme is a multi-sectoral programme designed to provide immediate emergency relief to the vulnerable and poor Nigerians, smallholder farmers and small businesses that were adversely affected by the COVID-19 pandemic using a World Bank’s $750m loan over a period of two years (2021 to 2023).
“The programme is an emergency one to be driven and implemented by the 36 states and the FCT, using the Programme for Result delivery mechanism within three result areas that have option of 11 disbursement linked indicators in the states, with some technical support coming through the Federal CARES Support Unit.”
To ensure that the implementation of the N-CARES is in line with the Federal Government’s priorities, Financial Street gathered that a preparatory team was set up by my ministry and the Federal CARES Preparatory Team, in collaboration with the World Bank Nigeria Team and the states, including the FCT, which worked tirelessly over the last eight months for a seamless takeoff.
“The preparatory processes would have met with so many challenges, but for the invaluable support of the Federal Project Support Unit of the Community Social Development Programme in the Ministry of Humanitarian Affairs, Disaster Management and Social Development. They have served efficiently as the focal agency facilitating the N-CARES preparation.
“The intervention allocation to each state is $20m and $15m to the FCT, while $15m is for the FCSU,” he added.
