President Bola Tinubu is committed to restoring the livelihoods of impoverished and vulnerable Nigerians, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, affirmed on Wednesday in Abuja.
Bagudu made this known during a stakeholders’ meeting on the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme Additional Financing.
He stated that the president is focused on ensuring food security and supporting the recovery of micro and small enterprises (MSEs) as part of his administration’s Renewed Hope Agenda.
“President Bola Tinubu’s visionary leadership and the Renewed Hope Agenda have created a favourable macroeconomic environment, leading to the proliferation of highly impactful programmes aimed at vulnerable and underprivileged groups,” Bagudu told stakeholders, including commissioners of Finance, Budget, and Economic Planning from the 36 states and the FCT.
The NG-CARES programme was designed to cushion the adverse effects of crises stemming from climate change, civil unrest, natural disasters, and their socio-economic consequences—especially in the wake of the COVID-19 pandemic.
To implement the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme—later renamed the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme—the Federal Government secured a $750 million World Bank credit through the International Development Association (IDA) on behalf of the states and FCT in June 2021.
This credit facility enabled state governments to roll out initiatives aimed at mitigating poverty and vulnerability, while also stimulating local economic activity. The programme, implemented using the Programme for Results (PforR) model, has so far delivered significant outcomes, reaching over 16 million direct beneficiaries across the country.
Following the programme’s success, the state governments, through the Federal Government, requested an additional $500 million in financing to scale up implementation under the NG-CARES Additional Financing (AF) framework. The goal is to empower individuals and households to withstand future shocks that could plunge them deeper into poverty.
Bagudu disclosed that while the World Bank Board and the Federal Executive Council have approved the new credit facility, it is currently awaiting approval by the National Assembly.
He explained that the stakeholders’ meeting was aimed at deepening participants’ understanding of the programme’s design, implementation approach, and institutional frameworks necessary for the success of the additional financing phase.
“It will also foster collaboration and synergy among the Ministries of Finance and Budget & Planning at the subnational level,” he said.
Bagudu stressed that continued implementation of NG-CARES AF is essential, given its focus on Nigeria’s most vulnerable citizens. As Africa’s largest economy, he noted, Nigeria cannot afford widespread poverty.
“Sustaining the livelihoods of over 200 million people is crucial to everything we do,” he added.
He further explained that the additional financing would scale up the gains of the original programme, strengthen coordination between federal and state governments, enhance service delivery platforms, and accelerate responses to current economic and social challenges.
Bagudu assured stakeholders of the Federal Government’s commitment to ensuring robust quality assurance, monitoring, capacity-building, and oversight for programme activities and results.
He pledged that the Federal Government would continue to provide institutional support and technical assistance to the states through relevant federal agencies, ensuring proper oversight, strategic direction, and implementation guidance for the NG-CARES Additional Financing programme.
