A total of N150 billion has been set aside by the Federal Government to carry out activities aimed at reducing poverty in 2024.
The National Poverty Reduction and Growth Strategy’s four pillars—macroeconomic stability, industrialization, structural policies and institutional changes, and redistributive policies and programs—will get the allocated funds.
In addition to the NPRGS’s N150 billion allotment, the Federal Government gave the Ministry of Humanitarian Affairs and Poverty Alleviation N10.35 billion in the N28.77 trillion budget that President Bola Tinubu approved on Monday.
Under the Conditional Cash Transfer Scheme, the government provides monthly payouts of N25,000 to 15 million households.
In order to combat poverty, especially in rural areas, the NPRGS was approved by the Federal Executive Council in 2021 under the government of former President Muhammadu Buhari.
The initiative will be implemented during a ten-year period (2021–2031), at an estimated cost of $1.6 trillion, or roughly $161 billion annually.
The Buhari-led administration claimed that a total of 1.8 million “vulnerable Nigerians” benefited from the scheme just before handing over power to the Bola Tinubu-led government.
cc: Punch Ng
