Governor Seyi Makinde of Oyo State has provided clarity on the N570 billion released to states, revealing that it was not a handout or bailout from the federal government.
In a recent address, Makinde explained that the funds were part of the World Bank-assisted NG-CARES project, aimed at supporting states in recovering from the COVID-19 pandemic.
The NG-CARES program, which stands for COVID-19 Action Recovery Economic Stimulus, was a loan facility provided by the World Bank to help states implement specific projects and programs.
According to him, each state is expected to repay the loan, and that Oyo State has already received reimbursements for funds invested in the program.
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The governor disclosed that the NG-CARES program predates the current federal administration and that Oyo State’s implementation of the program, known as Oyo-CARES, has been successful.
He mentioned that the World Bank has even adopted Oyo State’s model for input distribution to smallholder farmers as the NG-CARES model.
Makinde’s clarification comes after President Bola Tinubu’s announcement that his administration had released over N570 billion to states to expand livelihood support to citizens.
Tinubu’s statement was made during a nationwide broadcast addressing the #EndBadGovernanceInNigeria protests that took place in major cities across the country.
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