In an unprecedented effort, the World Bank has disbursed more than $300 million from its $750 million commitment to fund the Nigerian COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program, benefiting over three million vulnerable Nigerians.
This program, running from 2021 to 2023, is set to make a significant impact.
NG-CARES kicked off with a substantial $750 million World Bank loan, ensuring that this initiative has the resources it needs to make a real difference.
Each of Nigeria’s states is set to receive $20 million, while both the Federal Capital Territory (FCT) and the Federal CARES Support Unit (FCSU) will receive $15 million each.
The implementation of NG-CARES is carried out at the state level, with funds distributed based on the results achieved by each state.
This approach guarantees that assistance reaches those who need it most efficiently.
Professor Foluso Okunmadewa, the World Bank Task Team Leader for NG-CARES, shared promising news during a recent interview. He revealed that the remaining funds will be disbursed within the next eight months, as initial program challenges have been resolved.
Moreover, there is a strong desire to extend the program beyond the current term, showcasing its success and relevance.
Dr. Abdulkarim Obaje, the National Coordinator for NG-CARES, attributes the program’s success to its community-driven approach.
As of now, NG-CARES has positively impacted over three million beneficiaries across Nigeria.
States that have invested their resources in NG-CARES have reaped significant benefits.
With state contributions amounting to approximately N90 billion, the reimbursements received surpass N200 billion.
This impressive return on investment encourages continued participation.
NG-CARES is evolving into one of the government’s essential response mechanisms for various disasters, including economic crises.
This transformation will further enhance the program’s ability to address diverse challenges.
The NG-CARES initiative has brought about profound changes. In Delta State, the program has lifted individuals out of abject poverty and provided them with greater stability.
The state government’s unwavering support for NG-CARES is evident in its recent approval of an additional N539 billion for the program.
Zamfara State, a proactive participant in NG-CARES, has reached over 80,000 beneficiaries.
With a financial commitment of N9 billion, the state is making a substantial impact on its residents’ lives.
NG-CARES stands as one of the government’s most impactful intervention programs, transforming communities and fostering hope.
NG-CARES, with its substantial funding and community-driven approach, is not only alleviating the immediate suffering of the most vulnerable but also fostering hope and stability.
As it evolves to tackle diverse challenges, this program continues to demonstrate its essential role in transforming the lives of millions of impoverished Nigerians.