Gombe launches N8.5bn economic stimulus scheme | Dailytrust

Gombe launches N8.5bn economic stimulus scheme

Gombe State Governor Muhammadu Inuwa Yahaya has launched a World Bank’s N8.5 billion COVID-19 Action Recovery and Economic Stimulus (CARES) targeting 288,700 households in the state.

 The scheme christened ‘GO-CARES,’ is a collaboration between the state government and the World Bank to support the government in responding to the COVID‐19 crisis.

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 Speaking during the launch held in Kuri town of Yamaltu/Deba LGA, Governor Yahaya said the programme has a budget of N8.5 billion which is targeted at supporting over 288,700 beneficiaries for the two-year duration of the programme.

 “From this amount, N3.4 billion will be for supporting poor and vulnerable households with grants and basic services, another N3.4 billion shall be used to support our farmers with farm inputs in order to increase food production and enhance the performance of the food supply value chain.

 “The sum of N1.7 billion shall be disbursed as grants to Medium and Small Enterprises (MSEs), to support their operational activities and help them recover from the huge losses suffered during the pandemic,” he explained.

 He stated that the GO-CARES aligns with his administration’s human capital development initiative as encapsulated in its 10-year Development Agenda for Gombe State (DEVAGOM).

He explained that the emergency recovery programme will support governments’ budgeted programme of expenditures and interventions specifically designed to expand access to livelihood support, food security and provide succour to the poor and vulnerable persons in communities whose lives, businesses, and general means of livelihood have been distorted by the COVID-19 pandemic.

 He observed that the GO-CARES, “being a domestication of the Nigeria COVID-19 Action Recovery Stimulus Programme (NG-CARES), the programme will help expand access to livelihood support, food security services and the provision of grants to poor and vulnerable households.”

 He added that the challenges of COVID-19 and the global economic meltdown have made his administration more strategic and focused in its drive of putting the state on the path of sustainable economic development.

 Earlier, Chairman of GO-CARES Steering Committee and Commissioner of Finance and Economic Development, Muhammad Gambo Magaji, said the stimulus will benefit the most vulnerable households, farmers, businessmen and businesswomen as well as artisans.

 He explained that even though the project is in collaboration with the World Bank, “it is fully funded by the state government for the benefit of the people of the state.”

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