The Federal Government of Nigeria has launched it’s covid-19 action recovery and economic stimulus labelled NG-CARES. NG-CARES is a multi-sectoral scheme put together to support vulnerable and poor Nigerians.
The scheme is also meant to provide emergency relief to small holder farmers and Micro Small and Medium Enterprises, MSMEs, especially those that were adversely affected by the Covid-19 pandemic.
The programme was launched today by the vice-president, Yemi Osinbajo shortly before the commencement of the National economic council meeting today at the Presidential villa, Abuja.
The World Bank is providing a $750million loan for the NG-CARES in which the vice president says the loan would be for a period of 2 years, 2021 – 2023.
He said that the intervention allocation to each state is $20million; and $15million to the Federal Capital Territory, FCT. There is also $15million dollars for the Federal Cares Support Unit.
Prof. Osinbajo said all of these would be supported by the Government Enterprise and Empowerment Programme, GEEP.