President Bola Ahmed Tinubu has approved the release of N32.7 billion for the implementation of the National Social Investment Programme (NSIP), aimed at supporting Nigeria’s most vulnerable groups.
This was disclosed by Prof. Nentawe Yilwata, Minister of Humanitarian Affairs and Poverty Alleviation, during the launch of the State Action Plan for Internally Displaced Persons (IDPs) in Makurdi, Benue State, on Friday.
Yilwata stated that the program aligns with the Renewed Hope Agenda of the Tinubu administration, focusing on empowering vulnerable Nigerians, particularly women and youth.
The initiative will include various social welfare interventions to promote economic stability and reduce poverty.
The funds will provide non-collateral, non-interest loans to beneficiaries, enabling them to achieve self-sufficiency and enhance their economic prospects.
“President Bola Tinubu has approved the sum of N32.7 billion for the implementation of the National Social Investment Programme.
“Prof. Nentawe Yilwata, the Minister of Humanitarian Affairs and Poverty Alleviation, said this during the launching of the State Action Plan durable solutions for Internally Displaced Persons (IDPs) on Friday in Makurdi,” the NAN report read in part.
It added, “Yilwata who noted that the funds would be given through cooperatives urged Nigerians to form cooperatives to benefit from the scheme.”
Yilwata further disclosed that the loans will be distributed through cooperatives, encouraging Nigerians to form such groups in order to access the scheme.
Cooperatives will receive between N300,000 and N400,000 per group, depending on their size. For example, a cooperative of 20 members could receive up to N6 million in total.
He stated that the initiative aims to empower vulnerable Nigerians, particularly women and youth, by enabling them to launch or expand small businesses, thus improving their livelihoods.
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In addition to the loans, Yilwata highlighted that the NSIP would also focus on revitalizing the N-Power program, a critical element of the initiative.
• The Minister disclosed that President Tinubu has mandated a reform of the N-Power scheme to enhance its productivity and impact.
• The reform aims to connect youth not only through training but also by linking them directly to the market space and private sector, ensuring that acquired skills translate into viable job opportunities. To support this, over 100,000 items have been procured to empower youth across the country.
• Furthermore, he noted the President has approved a significant expansion of the Conditional Cash Transfer (CCT) program, which is set to benefit 70 million Nigerians.
The program will reach at least 15 million households, each of which will receive N75,000 in three instalments. This initiative is part of the government’s broader strategy to reduce poverty and improve the well-being of the country’s most vulnerable citizens.