The Federal Government has allocated a total sum of N150bn to implement poverty alleviation programmes in 2024.
The amount is to be spent under the four pillars of macroeconomic stability, industrialisation, structural policies/institutional reforms and redistributive policies/programmes of government under the National Poverty Reduction and Growth Strategy.
Besides the N150bn allocation to the NPRGS, the Federal Government, in the N28.77trn budget signed by President Bola Tinubu on Monday, allocated the sum of N10.35bn to the Ministry of Humanitarian Affairs and Poverty Alleviation.
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.
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.