Federal Government Pays NGN20 Billion, First Tranche For The Social Investment Fund

Lagos Internship

The Federal Government of Nigeria has officially admitted that it has paid out NGN20 billion as the first tranche for its NGN500 billion social investment programme.

Nigeria’s government said it is leveraging on the 2016 expansionary budget to ensure social welfare of its citizens are looked after.

At a legislative session, the federal government said the funds will be used to create jobs, provide skill acquisition for youths and entrepreneurs as well as the school feeding programme for all primary schools targeting 5,5 million children

In the area of skill acquisition, the government has created Nigerians, npower.gov.ng will be employing 500,000 people in three key areas.

However, Nigeria’s legislators said they are keen at ensuring the funds are spent judiciously. The government has not released a breakdown of the disbursement.

Unemployment and poverty in Nigeria have exacerbated in the past few months as a result of a crushing recession that has affected many companies as well as record job losses. This intervention is needed now than ever.