President Bola Tinubu has approved the sum of N32.7 billion for the implementation of the National Social Investment Programme (NSIP).
The Minister of Humanitarian Affairs and Poverty Alleviation, Prof. Nentawe Yilwata, stated this during the launching of the State Action Plan durable solutions for Internally Displaced Persons (IDPs) on Friday in Makurdi, Benue State.
Yilwata said the approval was in line with the President’s Renewed Hope Agenda aimed at prioritising the most vulnerable groups in the country.
He said the funds would be used to support vulnerable groups in the country with non-collateral and non-interest loans.
The minister stressed that those to benefit from the loans are vulnerable groups, especially the youth and women.
Yilwata, who said the funds would be disbursed through cooperatives, urged Nigerians to form cooperatives to benefit from the scheme.
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He said: “We will give you between N300,000 and N400,000 as household loans. So, if you have a cooperative of 20 people, for example, then it means you have N300,000 multiplied by 20, that’s N6 million.
“We also have the N-Power, which the President has asked us to redirect. We should reform it and make it more productive.
“We should link the youth, not just by training them alone, but we should link them to the market space and the private sector.
“To ensure that is done, the President has procured over 100,000 items that can empower over 100,000 youths across the country,” he stated.