Federal Government Allocates N150bn to Intensify Poverty Alleviation Programs in 2024

The Federal Government has earmarked a total sum of N150 billion for the implementation of poverty alleviation programs in the fiscal year 2024.

This significant allocation is poised to drive initiatives falling under the four pillars of macroeconomic stability, industrialization, structural policies and institutional reforms as well as redistributive policies and programs outlined in the National Poverty Reduction and Growth Strategy (NPRGS).

The NPRGS, approved by the Federal Executive Council in 2021 during the administration of former President Muhammadu Buhari, is a comprehensive strategy aimed at tackling poverty, especially in rural areas.

The program is designed to span a decade, from 2021 to 2031, with an estimated implementation cost of $1.6 trillion, averaging about $161 billion annually.

The recent allocation of N150 billion underlines the government’s commitment to this ambitious poverty reduction strategy.

The funds are expected to fuel initiatives that focus on creating macroeconomic stability, fostering industrialization, implementing structural policies and institutional reforms, and executing redistributive policies and programs that directly impact the lives of the most vulnerable segments of the population.

As part of the broader effort to combat poverty, the government has already made strides through the Conditional Cash Transfer Scheme, benefiting 15 million households with a monthly grant of N25,000.

This financial support serves as a lifeline for many vulnerable families grappling with economic hardships.

President Bola Tinubu, who recently assumed office, has reiterated his commitment to supporting a democracy that is both ideologically determined and focused on eliminating poverty while ensuring access to quality education for the nation’s children.

During a recent meeting with the National Working Committee of the All Progressives Congress in Lagos, Tinubu emphasized the need for a progressive, inclusive democracy that actively works toward poverty eradication.

The N150 billion allocation is seen as a pivotal step in translating these commitments into actionable initiatives that have a tangible impact on the lives of Nigerians.

The budgetary provision, coupled with Vice President Kashim Shettima’s acknowledgment of Tinubu’s economic revitalization plan, underscores the government’s resolve to make tough but necessary decisions for the benefit of the country’s economic growth and poverty eradication.

While unveiling the corporate headquarters of the Small and Medium Enterprises Development Agency of Nigeria in Abuja, Vice President Shettima emphasized Tinubu’s strategic focus on job creation, capital accessibility, economic growth, and poverty eradication.

This commitment, Shettima noted, forms the foundation of the government’s strategy to invigorate the economy and ensure sustainable development.

As the Federal Government allocates substantial resources to intensify poverty alleviation programs in 2024, the nation watches closely, anticipating positive changes that will uplift the lives of those most in need.