The Minister of Humanitarian Affairs and Poverty Alleviation, Nentawe Yilwata, said this during the launching of the State Action Plan durable solutions for Internally Displaced Persons (IDPs) on Friday in Makurdi.
Mr Yilwata said the approval was in line with the president’s Renewed Hope Agenda, which aims to prioritise the country’s most vulnerable groups.
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He said the funds would be used to support vulnerable groups in the country with non-collateral and non-interest loans.
He said those to benefit from the loans were vulnerable groups, especially the youth and women.
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Mr Yilwata, who noted that the funds would be given through cooperatives, urged Nigerians to form cooperatives to benefit from the scheme.
“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 six million naira.
“We also have the N-Power, which the President has asked us to redirect. We should reform it and make it more productive.
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“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 said
Mr Yilwata added that the president had approved and was implementing conditional cash transfer and it was in a big way.
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He said 70 million Nigerians would benefit from the scheme adding that at least 15 million households were expected to benefit from it.
“Four to five persons from the 15 million households would benefit from the N75,000 cash transfer that would be disbursed in three instalments,” he said.
(NAN)
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