Tinubu committed to food security, revitalising MSMEs, says Bagudu
Minister of Budget and Economic Planning, Senator Abubakar Bagudu on Wednesday said President Bola Tinubuv is committed to supporting the vulnerable by ensuring food security and aiding the recovery of micro and small enterprises (MSMEs), as outlined in his government’s Renewed Hope Agenda.
Bagudu spoke in Abuja during the stakeholders’ meeting concerning the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme Additional Financing.
“President Bola Tinubu’s visionary leadership and Renewed Hope Agenda have created a favourable macroeconomic environment, leading to the proliferation of highly impactful programmes aimed at vulnerable and underprivileged groups,” he told the stakeholders, which included the commissioners of Finance, Budget, and Economic Planning from the 36 states and the FCT.
The NG-CARES is a programme aimed at alleviating the adverse effects of various crises arising from climate change, civil strife, natural disasters, and their resultant socio-economic impacts on vulnerable populations, particularly in the aftermath of the COVID-19 pandemic.
To implement the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme, which was later renamed the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme, the Federal Government sought and secured a $750 million World Bank credit through the International Development Agency (IDA), amounting to $750 million on behalf of the States and FCT in June 2021.
The credit facility has aided state governments in implementing programmes designed to avert poverty and vulnerability among Nigerians while simultaneously stimulating the growth of the local economy.
As a Programme for Results (PforR), its implementation has delivered remarkable outcomes, benefiting over 16 million direct beneficiaries across the states and the Federal Capital Territory (FCT).
Given the outstanding results achieved under the current NG-CARES Programme, the state governments, through the Federal Government, have requested an Additional Financing (AF) of USD 500 million to support the implementation of the NG-CARES AF and empower individuals and households to overcome covariate shocks that could push them further into extreme poverty.
Bagudu stated on Wednesday that the World Bank Board and the Federal Executive Council had approved the credit and were awaiting the approval of the National Assembly for its targeted activities.
He stated that the stakeholder meeting aimed to enhance the participants’ comprehension of the design, approach, and institutional arrangements necessary for the successful implementation of the NG-CARES Additional Financing.
“It will also foster collaboration and synergy among the Ministries of Finance and Budget & Planning at the subnational level,” he stated.
He explained that the sustained implementation of NG-CARES AF was essential, given the intervention’s emphasis on supporting the poor and vulnerable, adding that, as Africa’s largest economy, Nigeria could not afford to remain in poverty.
“Therefore, sustaining the livelihoods of over 200 million people is crucial to everything we do,” he stated.
He explained, “The NG-CARES AF would progressively upscale the successes achieved under the existing programme, foster stronger coordination mechanisms between the federal and state governments, strengthen service delivery platforms at all levels, and accelerate the implementation of programmes to address the current crisis, among other benefits.”
Bagudu assured the stakeholders that the Tinubu administration would continue to ensure adequate quality assurance, monitoring, capacity-building, and oversight of programme activities and results.
He promised that the Federal Government will offer coordinated institutional strengthening and technical support to the states through federal entities, ensuring proper programme oversight, overall guidance, coordination, strategic direction, review, and support.
