Friday, January 21

World Bank says NG-CARES will help states earn $20 million each in 2 years

The World Bank has said that the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme will enable each state to earn at least $20 million within a space of 2 years.

The NG-CARES programme is the federal government initiative with support from the World Bank to mitigate the effects of the Covid-19 pandemic.

According to NAN, this disclosure was made by the Task Team Leader of NG-CARES, World Bank, Prof. Foluso Okunmadewa, during an interview on the sidelines of the launching of the NG-CARES Programme Technical workshop, on Monday in Abuja.

What the World Bank Official is saying

Okunmadewa noted that the programme was designed in such a way that the states would spend their own money in the first batch.

He said, “Each state should be able to earn 20 million dollars within a space of two years. I used the word earn because it is a programme for results approach. It is not as if the money will be given to the states and the state will now have to spend it. No! Then Independent Verification Agent will go and look at the results and on the basis of that, the states will be reimbursed.

“The programme has already started in many states. It is not just starting because many states have already put their resources into the design and they have already started getting results and they are keeping it.

“We call it prior results. When the independent verification agents go there, they will count the results that they have achieved along with the ones that they are going to achieve.

“So many states have started and we are so happy about all of these states which indicates that they really want to help their poor and vulnerable. And those states are likely to be the fastest and they might even be useful for others who are starting late.”

Okunmadewa said that the aim of the workshop was to familiarise all operators of the programme at the federal and state levels with the implementation and implications of what had been designed.

Speaking earlier at the occasion, the Chairman, Federal Cares Technical Committee, Mr Aso Vakporaye, praised state governors, commissioners, state coordinators and heads of the delivery platform for cooperating with the federal team.

He said, “The release of funds to state budgeted expenditures by some state governors to NG-CARES programme activities indicated that the programme has commenced implementation at some states, while others are matching up speedily to commence.”

What you should know

The Nigeria COVID-19 Action Recovery and Economic Stimulus has the development objective to expand access to livelihood support and food security services, and grants for the poor and vulnerable households and firms.

The World Bank had in September 2021, declared as effective Nigeria’s $750 million Covid-19 Action Recovery and Economic Stimulus (NG-CARES) Programme stating that the Federal Government had met all the conditions for eligibility for the credit line.

NG-CARES is state-operated with support from the World Bank with $750 million credit to support the 36 states and FCT to mitigate the impact of the Covid-19 pandemic on the livelihood of poor and vulnerable households and micro-enterprises in the country.