Osinbajo launches $750m COVID-19 recovery initiative - WELCOME TO OPPORTUNITIES

Vice-President Yemi Osinbajo inaugurated the Nigeria COVID-19 Action Recovery and Economic Stimulus on Thursday, which will be funded by a $750 million World Bank loan.

Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, revealed this in a statement headlined, ‘World Bank $750m support would complement FG’s social investment, job creation, and poverty reduction programs–Osinbajo’, which he signed on Thursday.

The inauguration served as a warm-up for the Vice President’s National Economic Council meeting, which took place at the State House Banquet Hall in Abuja.

According to him, the NG-Cares program, which will run for two years (2021-2023), will provide $20 million to states and $15 million to the Federal Capital Territory.

“NG-Cares is a multi-sectoral program aimed at assisting vulnerable and underprivileged Nigerians by providing critical emergency assistance.”

“Subsidies and grants to support individuals, households, and MSMEs were designed in the framework of the response to the COVID-19 crisis and the ESP in the multi-year development plan for 2021-2024,” he said.

“That strategy acts as a bridge to ensure that the program is implemented successfully. On project activities and results, the federal government will provide quality assurance, monitoring, capacity building, and technical assistance to states and the FCT.

“As a result, the Federal Cares Steering Committee, Federal Cares Technical Committee, and Federal Cares Assistance Unit have been established to provide overall policy direction, technical support to all states and the FCT, and to advise the president accordingly.”

Osinbajo asked stakeholders to use their vast experience and expertise to ensure the project’s success.

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