World Bank’s $500m deepens economic stimulus funding

National Coordinator, Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES), Dr Abdulkarim Obaje, has said the additional financing of $500 million from the World Bank wiould further catalyse governments at all levels to deepen and strengthen economic resilience among poor and vulnerable households, smallholder farmers and small businesses affected by economic shocks.

The World Bank had declared the effectiveness of additional financing for the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme  following  an official communication dated 9th December 2025, indicating that all conditions for effectiveness have been fully met.

Obaje  described the effectiveness of the additional financing as a major milestone in the Federal Government Renewed Hope Agenda to expand social protection support to poor an vulnerable Nigerians.

He  stated that with this approval, states and the FCT can commence full implementation of NG-CARES by funding Delivery Platforms and Coordination Units, as this will be reimbursable after an independent verification Agent (IVA).

He reaffirmed that the Federal CARES Support Unit (FCSU) will continue to provide the required technical support, guidance and oversight to ensure smooth rollout and strict adherence to programme standards

He thanked  President Bola Ahmed Tinubu for the achievements realised under the NG-CARES programme.

He also acknowledged the leadership and guidance provided by the Minister of Budget and Economic Planning  Abubakar Atiku Bagudu, which have significantly contributed to the notable results achieved so far under the programme.

NG-CARES remains one of the flagship programmes in the World Bank Nigeria portfolio and has earned a highly satisfactory rating for performance.