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COVID-19: World Bank okays Nigeria’s $750m economic programme

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COVID-19: World Bank okays Nigeria’s 0m economic programme

By Salisu Sani-Idris

The World Bank has declared Nigeria‘s $ 750 million COVID-19 Response and Economic Stimulus (NG-CARES) program “effective.”

Mr. Aso Vakporaye, chairman of the federal CARES technical committee, made this known in a statement he released in Abuja on Tuesday.

Vakporaye explained that the World Bank’s recommendation was contained in a letter that the country director of the World Bank office in Nigeria, Mr. Shubham Chaudhuri, addressed to the Minister of Fice, Budget and National Planning, Ms. Zainab Ahmed.

He said the World Bank has declared that the federal government has met all the eligibility requirements for the line of credit.

Vakporaye recalled that the federal government had requested help from the World Bank to finance its people-centered 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 program is one of the strategic actions undertaken to achieve this presidential mandate.

“Each of the 36 states of the federation will receive a nominal allocation of $ 20 million, while the Federal Capital Territory (FCT) will receive $ 15 million under the Program of Results financing instrument (PforR). from the World Bank.

“This is an emergency response program, built on three result areas with 11 disbursement related indicators (DLIs). Result area 1: Focuses on increasing social transfers, basic services and livelihood support for poor and vulnerable households.

“The second outcome area will address the issue of increasing food security and ensuring the safe functioning of food supply chains; and the third result area will support initiatives aimed at facilitating the recovery and building the capacity of micro and small enterprises through the federation and the CTF, ”he said.

Vakporaye said the objectives of the NG-CARES program were to expand access to livelihood support and food security services and provide subsidies to poor and vulnerable households, as well as businesses. “

Source: NAN

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