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Food supply

President Tinubu Committed to Restoring Livelihoods of Impoverished Nigerians

Strategic Insights

— 1 min read

As part of his efforts to alleviate poverty and support vulnerable populations, President Bola Tinubu has reaffirmed his commitment to restoring the livelihoods of impoverished and vulnerable Nigerians. In a meeting with state commissioners of Finance, Budget, and Economic Planning, Senator Abubakar Bagudu, Minister of Budget and Economic Planning, emphasized the President's dedication to ensuring food security and aiding the recovery of Micro, Small, and Medium Enterprises (MSMEs) through the Renewed Hope Agenda. The Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme, which aims to alleviate the effects of climate change, civil strife, and natural disasters, has already benefited over 16 million Nigerians. Building on this success, the government is seeking an additional USD 500 million in financing to sustain the programme's impact and support state governments in their efforts to support the poor and vulnerable.

Key Takeaways:

  • The President is irrevocably committed to restoring the livelihoods of impoverished and vulnerable Nigerians through the Renewed Hope Agenda.
  • The NG-CARES Programme has already benefited over 16 million direct beneficiaries across the states and the Federal Capital Territory.
  • The government is seeking an additional USD 500 million in financing to support the implementation of the NG-CARES Additional Financing.
  • The Additional Financing aims to upscale the successes achieved under the existing programme and accelerate the implementation of programmes to address the current crisis.
  • The Federal Government will offer coordinated institutional strengthening and technical support to the states through Federal entities, ensuring proper programme oversight, overall guidance, coordination, strategic direction, review, and support.

Statistics:

  • Over 16 million direct beneficiaries have been impacted by the NG-CARES Programme.
  • The Additional Financing of USD 500 million is aimed at supporting the implementation of the NG-CARES AF and empowering individuals and households to overcome shocks.
  • The World Bank Board and the Federal Executive Council have approved the credit facility, pending the approval of the National Assembly.

Sources:

  • Senator Abubakar Bagudu, Minister of Budget and Economic Planning.
  • World Bank Board and the Federal Executive Council approval of the credit facility.
  • The Renewed Hope Agenda.

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