FG Seeks $500m Additional Financing To Expand NG-CARES, Combat Poverty
The Federal Government is seeking an additional $500m in financing to scale up the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, building on its success in supporting vulnerable populations and small businesses.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this known during a stakeholders’ meeting in Abuja.
He confirmed that the request for Additional Financing was submitted by state governments through the federal government and has already received approvals from the World Bank Board and the Federal Executive Council.
The proposal now awaits endorsement by the National Assembly.
Bagudu emphasized that President Bola Tinubu remains committed to improving the welfare of poor and vulnerable Nigerians, with a particular focus on food security and the recovery of micro and small enterprises (MSEs), aligning with the administration’s Renewed Hope Agenda.
“President Tinubu’s visionary leadership has fostered a stable macroeconomic environment that supports impactful programmes targeting the underprivileged,” the minister said.
Originally launched in June 2021 as the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme, the initiative was backed by a $750 million World Bank credit via the International Development Association (IDA).
Now redesigned to tackle a wider range of socio-economic shocks—including climate change, conflict, and natural disasters—NG-CARES has reached over 16 million beneficiaries across all states and the FCT.
As a Programme-for-Results (PforR), NG-CARES enables states to implement poverty-reduction and economic stimulation initiatives tailored to local needs. Bagudu explained that the stakeholders’ forum was convened to deepen understanding of the programme’s expanded framework and promote stronger collaboration among subnational Ministries of Finance, Budget, and Planning.
“Sustaining the livelihoods of over 200 million Nigerians is central to our national development efforts,” he said. “The additional financing will amplify existing achievements, strengthen coordination between federal and state governments, and speed up the implementation of critical support initiatives.”
The minister stressed that Nigeria, as Africa’s largest economy, cannot afford to leave millions in extreme poverty.
He assured that the federal government would ensure strong oversight, quality assurance, and institutional support through relevant federal agencies, to bolster programme effectiveness and accountability.
Bagudu concluded that the Tinubu administration is determined to build on the gains of NG-CARES and intensify efforts to cushion the impact of local and global economic shocks on the nation’s most vulnerable groups.
FG Seeks $500m Additional Financing To Expand NG-CARES, Combat Poverty is first published on The Whistler Newspaper
