Approximately $4.5Million, amounting to N2.745Billion, has been allocated to the Fadama COVID-19 Action Recovery and Economic Stimulus, CARES, project in the Federal Capital Territory.
The FCT Administration said the amount is meant for the implementation of three Disbursement Linked Indicators, DLIs, out of a total allocation of $15 Million from the World Bank.
FCT Minister of State, Dr. Ramatu Aliyu, made this disclosure at the flag-off ceremony for the disbursement of grants to FCT Fadama COVID-19 Action Recovery and Economic Stimulus beneficiaries held in Kwali.
The minister explained that the programme is a World Bank budget support to the FCT Administration for non-discretionary expenditure which is targeted at supporting existing and newly emerging vulnerable and poor households, agricultural value chains, and Micro & Small Enterprises, MSEs, that have been negatively impacted by the COVID 19 pandemic.
She maintained that the programme was to be implemented using the World Bank Programme for Result (P for R) financing model which is a relatively new concept of projects financing.
“This model requires the FCT Administration who is the beneficiary of the credit to invest its own resources first by funding delivery platforms to start implementation, while the World Bank thereafter reimburses the FCTA after verification of achieved results by Independent Verification Agents, IVAs, in line with agreed prices and targets earlier set for all Disbursement Linked Indicators, DLIs.”
Aliyu said that the programme was deliberately designed to support the recovery of livelihood activities of poor and vulnerable persons engaged in agricultural value chain activities with special consideration to women and unemployed youth.
The minister directed the Agriculture and Rural Development Secretariat to make available to FCT Fadama CARES project the technical expertise during the course of project implementation to ensure the successful implementation of the programme.
In his remarks, FCT permanent secretary, Mr. Olusade Adesola, noted that shortly after the outbreak of the COVID-19 pandemic in late 2019, the World Bank Nigeria Country office, recognizing the devastating effects of the pandemic on the world’s economy and Nigeria in particular, which led to loss of lives and livelihoods, found it expedient to intervene.
Adesola further stated that the Nigeria COVID-19 Action Recovery and Economic Stimulus programme was conceived to help states mitigate the negative impact of the pandemic, stressing that FCT as the nation’s capital embraced this noble idea and has been an active participant during the entire process of the programme preparatory activities from March 2020 till date.
Meanwhile, the Mandate Secretary FCT Agriculture and Rural Development Secretariat, Mallam Abubakar Ibrahim, informed the audience that the FCT performed excellently scoring 88 percent during a very rigorous eligibility assessment process conducted by the World Bank for this programme.
