Bayelsa State has confirmed the receipt of N10.8 billion from the Federal Government as part of the ongoing NG Cares program, a nationwide initiative aimed at providing social interventions and support for vulnerable populations.
The funding is part of N570 billion distributed to all 36 federation states, in collaboration with the World Bank.
This significant financial support was confirmed by Mr. Timipre Seipolu, Technical Adviser to the Bayelsa State Governor on Treasury, during a press briefing on Monday.
Mr. Seipolu outlined that the funds are allocated for specific social intervention projects, including agricultural support through the FADAMA program, and aid targeted at SMEs, vulnerable individuals, and the elderly in the state.
“The NG Cares program operates with a framework where states are expected to make expenditures in designated areas, particularly agriculture and social welfare. These expenditures are then reimbursed after independent verification,” Mr. Seipolu explained.
He emphasized that the N10.8 billion received for May and June was a reimbursement for the state’s expenditures on these projects, in accordance with the NG Cares guidelines.
This announcement follows a nationwide address by President Bola Tinubu earlier in August, where he revealed that over N570 billion had been disbursed to states to bolster social support systems amid growing economic challenges.
The NG Cares initiative, run in partnership with the World Bank, aims to mitigate the effects of economic hardships, particularly on the most vulnerable citizens.
However, it is important to note that the funding under NG Cares is not a grant but rather a loan that states are required to repay.
This clarification was provided by Ogun State Governor, Seyi Makinde, who highlighted that the funds were drawn from World Bank COVID-19 resources, with the federal government acting as an intermediary.
The funds were intended as reimbursements for expenditures already made by states during the pandemic, rather than new financial aid.
Bayelsa’s receipt of N10.8 billion underscores the state’s active participation in the NG Cares program and its commitment to supporting its citizens through targeted social interventions.
