Bayelsa State confirms receipt of N10.8 billion from the Federal Government's N570 billion NG Cares Fund

 

The Bayelsa State Government has verified that it received N10.8 billion from the Federal Government's N570 billion NG Cares Fund, which is allocated to all 36 states as part of the NG Cares program. This fund, administered with the World Bank, is intended for social interventions, including agricultural support and aid for vulnerable groups.

Mr. Timipre Seipolu, Technical Adviser to the Bayelsa Governor on Treasury, provided this confirmation on Monday. He also detailed the state’s financial activities for May, June, and July.

“The NG Cares program, involving the Federal Government, World Bank, and state governments, requires states to spend on various sectors such as agriculture through FADAMA. Refunds for these expenditures occur quarterly after independent verification of the projects,” Seipolu explained.

He added that support for SMEs and vulnerable individuals must follow World Bank guidelines to avoid delays in refunds. The N10.8 billion received by the state over two months represents funds used for state projects under the NG Cares program.

This announcement aligns with President Bola Tinubu’s August address, which revealed that over N570 billion had been allocated to the 36 states to enhance support for vulnerable citizens. 

In a national broadcast on August 4, 2024, amid widespread protests, President Tinubu stated that this funding was part of the federal government’s effort to support vulnerable groups. However, Ogun State Governor Seyi Makinde later clarified that this funding was actually a loan, not a grant, and each state must repay it. He explained that the funds were sourced from World Bank COVID-19 resources, with the federal government acting as an intermediary for reimbursing the states' previous COVID-19 relief expenditures. This clarification highlighted that the financial support was a repayment for earlier state commitments rather than new funding.