FG Reimbursed States and FCT: The NG-CARES Stimulus N438b

FG Reimbursed States and FCT: The NG-CARES Stimulus N438b

The Federal Government has reimbursed 34 States and FCT the sum of Four Hundred and Thirty eight Billion, Three Hundred and Sixty Eight Million, Nine Hundred and Fifteen Thousand, Thirty Naira and Twenty Four Kobo (N438,368,915,030.24) after the Third Independent Verification Assessment.

This was disclosed in an information shared by the Minister of Budget and Economic Planning.

According to the Ministry, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme now renamed Nigeria Community Action for Resilience and Economic Stimulus is a World Bank-supported intervention with a credit portfolio of 750 million US Dollars.

The Programme Development Objectives is to expand access to livelihood support and food security services and grants for poor and vulnerable households and firms.

NG-CARES is a Programme for Results (PforR) Intervention where States and FCT invest their resources, produce results inline with agreed protocols and get reimbursed by the Federal Government after an Independent Verification Exercise.

The Honourable Minister of Budget and Economic Planning commend Mr. President for the various reforms introduced by his Administration which have enabled States and FCT to invest massively in NG-CARES thereby producing this outstanding result.

Also, worthy of commendation are the State Governors and Honourable Minister, FCT for their commitment to investing in and building resilience among poor and vulnerable Nigerians using the NG-CARES Programme.