Osinbajo launches $750m COVID-19 recovery initiative

On Thursday, Vice-President Yemi Osinbajo launched the Nigeria COVID-19 Action Recovery and Economic Stimulus, which would be backed by a World Bank loan of $750 million.

In a statement signed on Thursday, Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, said, “World Bank $750 million funding would complement FG’s social investment, job creation, and poverty reduction programs–Osinbajo.”

On Thursday, Vice-President Yemi Osinbajo launched the Nigeria COVID-19 Action Recovery and Economic Stimulus, which would be backed by a World Bank loan of $750 million.

In a statement signed on Thursday, Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, said, “World Bank $750 million funding would complement FG’s social investment, job creation, and poverty reduction programs–Osinbajo.”

The inauguration acted as a warm-up for Vice President Buhari’s National Economic Council meeting at the State House Banquet Hall in Abuja.
According to him, the NG-Cares initiative will deliver $20 million to states and $15 million to the Federal Capital Territory over the course of two years (2021-2023).

“NG-Cares is a multi-sectoral program that provides crucial emergency help to needy and underprivileged Nigerians.”

“The Programme would expand on President Muhammadu Buhari’s plan to bring 100 million Nigerians out of poverty and in reaction to the pandemic’s severe socio-economic implications, particularly those initiatives and plans included in the Economic Sustainability Plan.”

“As an important addition to the Federal Government’s program, the NG-Cares program will leverage existing state programs, particularly job creation, wealth creation, and poverty reduction programs at the community level, such as state cash transfer units, state Fadama or agriculture development agencies, state job creation units, and MSME units.” “All of the help has come through the Government Enterprise and Empowerment Program,” Osinbajo said.