President Tinubu Greenlights N32.7bn to Enhance Support for Vulnerable Groups through Cooperatives

President Bola Tinubu has approved the allocation of N32.7 billion for the implementation of the National Social Investment Programme (NSIP), which aims to support vulnerable groups across Nigeria.  Nentawe Yilwata, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this approval on Friday during the launch of the state action plan for durable solutions for internally displaced persons (IDPs) in Makurdi, Benue State.  On January 12, 2024, Tinubu suspended all programs administered by the National Social Investment Programmes Agency (NSIPA) amid a probe into alleged mismanagement of the agency and its initiatives. However, on December 3, 2024, the House of Representatives urged the president to direct Wale Edun, the Minister of Finance, to unfreeze all accounts related to the NSIP agency within 72 hours. The NSIPA oversees the social investment program.  During the event, Yilwata stated that the approval is in line with the president’s renewed hope agenda, which prioritizes the welfare of the nation’s most vulnerable populations. He explained that the funds will be disbursed as non-collateral and interest-free loans to vulnerable Nigerians, particularly women and youth, through cooperative societies.  Yilwata encouraged Nigerians to form cooperatives to take advantage of this scheme. “We will provide you with loans ranging from N300,000 to N400,000 for households. For example, if you have a cooperative of 20 people, that means you can access N300,000 multiplied by 20, which totals six million naira,” he said. Additionally, he mentioned that the N-Power program will be restructured to enhance productivity. “We should not only train youth but also link them to market opportunities and the private sector,” Yilwata emphasized. “To facilitate this, the president has procured over 100,000 items that can empower more than 100,000 youths across the country.” Furthermore, Yilwata announced that Tinubu has approved the implementation of a large-scale conditional cash transfer program aimed at reaching 70 million Nigerians, with at least 15 million households set to benefit. Each household, consisting of four to five members, will receive a total of N75,000, distributed in three instalments.