The Federal Government is working to obtain an extra $500 million to expand the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme, following its success in aiding vulnerable citizens and supporting small businesses.
This was revealed by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, during a stakeholders’ meeting held in Abuja. He explained that the request for the Additional Financing (AF) was made by state governments through the federal administration.
The funding has already received the green light from both the World Bank Board and the Federal Executive Council. It now awaits final approval from the National Assembly.
Bagudu addressed stakeholders, which included finance, budget, and economic planning commissioners from all 36 states and the Federal Capital Territory (FCT), stating that President Bola Tinubu is committed to improving the welfare of poor and vulnerable Nigerians. He said the President is focused on achieving food security and aiding micro and small enterprises (MSEs) in line with the “Renewed Hope Agenda.”
“President Bola Tinubu’s visionary leadership and Renewed Hope Agenda have created a favourable macroeconomic environment, leading to the proliferation of highly impactful programmes aimed at vulnerable and underprivileged groups,” Bagudu said.
The NG-CARES Programme originally launched in June 2021 as the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme, backed by a $750 million World Bank loan through the International Development Association (IDA). It has since evolved to cover broader challenges such as climate change, civil unrest, natural disasters, and the lingering effects of the pandemic.
As a Programme-for-Results (PforR), NG-CARES has reportedly reached more than 16 million direct beneficiaries across all states and the FCT. The funding enabled states to introduce targeted initiatives aimed at reducing poverty and boosting grassroots economies, particularly among marginalized populations.
Bagudu said the stakeholder session was organized to enhance understanding of the NG-CARES Additional Financing structure and foster collaboration between state-level finance and planning ministries to improve future programme execution.
“Sustaining the livelihoods of over 200 million people is crucial to everything we do,” the minister said. “The NG-CARES AF would progressively upscale the successes achieved under the existing programme, foster stronger coordination mechanisms between the federal and state governments, strengthen service delivery platforms at all levels, and accelerate the implementation of programmes to address the current crisis.”
He emphasized that Nigeria, as the continent’s largest economy, must avoid leaving millions trapped in poverty. He pointed out that the NG-CARES Additional Financing is essential for sustaining progress and expanding grassroots support systems.
Bagudu also gave assurance that the federal government would maintain strict oversight and enforce quality standards. He added that institutional capacity-building and technical assistance would be extended to state governments via designated federal agencies. This, he said, will allow for efficient coordination, continual programme assessment, and improved results delivery.
In conclusion, he reaffirmed the Tinubu administration’s dedication to scaling up the NG-CARES Programme and enhancing efforts to shield vulnerable Nigerians from the effects of ongoing economic and global shocks.
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