FG releases fresh statement of N5000 stipend

The federal government has released fresh information concerning the disbursement of N5000 to poor people in the country.

The federal government had announced the payment of the promised stipends to poor people in the country although Governor Ayo Fayose of Ekiti described it as mere propaganda.

The Ekiti governor claimed the fund was provided by the World Bank and that the federal government was only contributing a little.

The government however explained that the World Bank has not provided funds yet as it was part of the proposed plan to borrow yet to be approved by the National Assembly.

Read the statement below:

The CCT Sum is N500 per household per month, paid directly to the household caregiver, to improve consumption in the family.

The World Bank has approved $500m for conditional cash transfers and livelihood support for Nigeria but it is part of the borrowing plan that is yet to be approved by the National Assembly so the funds are yet to be released.

The funds currently being utilised for the CCT are from the N500 billion appropriated by the National Assembly for the purpose

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