The Federal Government has introduced the NG- CARES program with the World's Bank's Seven Hundred and fifty million dollars loan as a way to encourage Nigeria's economy as revealed by Vice President Yemi Osinbajo, in the nation's capital on Thursday during the National Launch of the NG-CARES program.
The NG-CARES is a multi-sectored program in collaboration with the execution of the Executive Sustainability Plan (ESP), which includes programs such as State Cash Transfer Units, Agriculture Development Agencies, and Job Creation Units/MSE Support Units solely funded by the Administration's Government Enterprise and Empowerment Programme (GEEP).
Osinbajo said, “NG-CARES program is designed to support vulnerable and poor Nigerians, provide immediate emergency relief to smallholder farmers and SMEs that were adversely affected by the COVID-19 pandemic.”
More so, the V.P further stated that the World Bank Loan will be in the space of two years(2021-2023), with each state benefitting twenty million dollars ex-ante, FCT receiving fifteen million dollars, and the NG CARES Support Unit getting fifteen million dollars. States will push the program through the Programme for Results-PforR delivery mechanism.
