Osinbajo flags-off $750m Nigeria COVID Action Recovery and Economic Stimulus program

Vice President Yemi Osinbajo on Thursday launched the Nigeria COVID-19 Action Recovery and Economic Stimulus NG-CARES Program

The program is being implemented with the World Bank N750 million loan as part of the federal government’s response to the Covid-19 crises.

Vice President Osinbajo launched the funds before the commencement of the National Economic Council NEC meeting, at the old banquet hall of the Presidential Villa, Abuja

He disclosed that the funds will be used to tackle the effect of Covid-19 on the households, businesses and on the farmers in terms of insecurity.

“It is an emergency operation, with large amount of resources, expected to support all of these set of people, as part of President Muhammadu Buhari’s promise to lift 100 million Nigerians out of poverty”

The new funding arrangement is a strategic direction for funding government response to the Covid-19 pandemic in the country.

The Nigeria COVID-19 Action Recovery and Economic Stimulus NG-Cares, is being implemented in collaboration with the World Bank and is aimed at further reducing poverty, enhancing jobs creation,

The World Bank Country Director in Nigeria, Shubham Chaudhuri, in his presentation, assured that the institution is committed to monitoring the funds implementation to ensure that it achieves desired results, through a process of verification established by the bank.

He urged beneficiary states to cooperate with the Civil Society organizations who are designated to monitor implementation and provide feedback.

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The World Bank representatives, noted that the “entire program is results-based and that is key”, adding that “funds will be disbursed on the basis of verification reports provided by the Civil Society Organizations”

“There have been some kinds of results in terms of the support the states provide to households, farmers and businesses.

“It is only after these results are verified that the disbursement can actually occur.

“We will mobilize the civil society organizations to actually get feedback on a continuous basis.

“We have asked the state governments that as they implement them, they should allow the civil society organizations to monitor them.
“ Documents are checked and beneficiaries are tracked down, that is the point at which results are verified and we disburse.

He revealed that Imo and Enugu are still pending because of documentation., “ this has to do with the staffing and funding modalities. We anticipate that these will soon be ready so they can be eligible to get their advances very quickly”

Businessday gathered that the funds will be channelled through the federal and states, with the world bank providing the necessary support to ensure effective implementation

Most of the states are said to have responded very well both in the design and implementation.

The fund is expected to bring succour to people that have been disenfranchised and whose businesses were negatively impacted by the Covid-19 pandemic.

Farmers in local communities affected by the insurgency will be provided opportunities to recover losses.