Abuja, Nigeria – President Bola Ahmed Tinubu has approved N32.7 billion for the implementation of the National Social Investment Programme (NSIP), a key initiative aimed at supporting Nigeria’s most vulnerable groups.
The announcement was made on Friday by the Minister of Humanitarian Affairs and Poverty Alleviation, Prof. Nentawe Yilwata, during the launch of the State Action Plan for durable solutions for Internally Displaced Persons (IDPs) in Makurdi, Benue State.
Empowering Vulnerable Groups
According to Yilwata, the NSIP aligns with President Tinubu’s Renewed Hope Agenda, which prioritizes empowering vulnerable Nigerians, particularly women and youth. The program is set to provide non-collateral, non-interest loans through cooperative groups, enabling participants to achieve economic stability and self-reliance.
The Minister explained that cooperative groups will receive loans ranging from N300,000 to N400,000, depending on their size. For instance, a cooperative with 20 members could access up to N6 million in funding. Yilwata urged Nigerians to form cooperatives to take advantage of the scheme.
Reforming the N-Power Program
In addition to the loans, Yilwata announced reforms to the N-Power program, a critical component of the NSIP. The initiative will not only train Nigerian youth but also connect them directly to the private sector and market opportunities, ensuring that their acquired skills translate into sustainable employment.
Over 100,000 empowerment items have been procured to support youth across the country under the reformed N-Power scheme.
Expansion of Conditional Cash Transfer Program
As part of the broader poverty alleviation strategy, President Tinubu has also approved a significant expansion of the Conditional Cash Transfer (CCT) program. The initiative will provide financial assistance to 15 million households, benefitting an estimated 70 million Nigerians. Each household will receive N75,000 in three instalments.
The expanded CCT program is aimed at reducing poverty and improving the well-being of the nation’s most vulnerable citizens.
Prof. Yilwata reiterated the government’s commitment to implementing effective solutions for poverty alleviation and urged Nigerians to take advantage of the programs to improve their livelihoods.
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