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Federal Government Allocates N150 Billion to Fight Poverty in 2024

Federal Government Allocates N150 Billion to Fight Poverty in 2024

In a significant move towards addressing poverty, the Federal Government has earmarked a substantial sum of N150 billion for poverty alleviation programs in 2024.

This allocation is part of the National Poverty Reduction and Growth Strategy (NPRGS) and will be utilized across four key pillars: macroeconomic stability, industrialization, structural policies/institutional reforms, and redistributive policies/programs. The aim is to implement comprehensive measures that contribute to reducing poverty on a national scale.

In addition to the N150 billion allocated to the NPRGS, the recently signed N28.77 trillion budget by President Bola Tinubu on Monday includes an allocation of N10.35 billion to the Ministry of Humanitarian Affairs and Poverty Alleviation. This underscores the government’s commitment to addressing poverty through multiple channels, reinforcing its dedication to creating a more inclusive and economically stable society.

Already, 15 million households are beneficiaries of the government’s N25,000 monthly grants under the Conditional Cash Transfer Scheme.

The NPRGS was approved by the Federal Executive Council in 2021 during the administration of former President Muhammadu Buhari to address poverty, particularly in rural areas.

I won’t accept excuses for poor performance, Tinubu tells officials
The programme is to run for 10 years (2021-2031), with an estimated implementation cost of $1.6tn at an annual average of about $161bn.

Shortly before handing over to the Bola Tinubu-led government, the Buhari administration claimed that a total of 1.8 million ‘vulnerable Nigerians’ benefited from the programme.

Last Thursday, while receiving members of the National Working Committee of the All Progressives Congress in Lagos, Tinubu pledged his commitment “to supporting a strong and ideologically-determined democracy that is progressive, inclusive, and focused on eliminating poverty while providing quality education for our children.”

Earlier on Wednesday while inaugurating the corporate headquarters of the Small and Medium Enterprises Development Agency of Nigeria in Abuja, Vice President Kashim Shettima said “This moment solidifies President Bola Tinubu’s assurance to protect our enterprises. It resonates deeply within our economic revitalisation plan. His focus on job creation, capital accessibility, economic growth, and poverty eradication forms the very skeleton of our strategy to invigorate the economy. Inevitably, this path demands tough decisions, yet ones essential to our success.”

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