FCT Administration Allocates N2.745B to Boost Fadama Stimulus Project.

The FCT Administration has allocated the sum of $4.5Million amounting to N2.745Billion to the FCT Fadama COVID-19 Action Recovery and Economic Stimulus (CARES) project.

The fund was allocated to boost implementation of three Disbursement Linked Indicators (DLIs) out of a total allocation of $15Million from the World Bank.​ ​

FCT Minister of State, Dr. Ramatu Tijjani 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, Abuja.​ ​

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 and Small Enterprises (MSEs) that have been negatively impacted by the COVID 19 pandemic.​ ​

Aliyu 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.​ ​

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, found it expedient to intervene.​ ​

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