The Idealab Agency, a federal government body set up to address the challenges of smallholder farmers and micro, small and medium enterprises in accessing intervention funds in the country, has called for the speedy passage of a bill to establish the National Council for Public Assistance to Widows, Dependent Children, and Orphans.
The head of Idealab Agency, Emmanuel Tyongi, who called at a press conference in Abuja yesterday, said the agency’s establishment will help tackle unemployment issues and other vices that propelled the recent #Endbadgovernance protest across the country.
Tyongi lauded the Speaker of the House of Representatives, Hon. Abbas Tajudeen, for bringing back the bill rejected in the 9th Assembly and adding that its provisions aligned with the president’s Renewed Hope Agenda.
He said the Speaker is optimistic that the 10th Assembly will consider the bill for speedy passage and transmit it to the president because of its strategic importance in the current administration’s aspiration to lift 50 million Nigerians out of poverty by 2027.
Tyongi said, “It is essential to state here that if this piece of legislation is revisited, repositioned as proposed and worked upon to align with the aspirations of the president as noted above, it will go ahead and address the yearnings of the demonstrators and street protesters of the #EndBadGovernance, to solve the problems of hunger, illiteracy, the suffering of the ordinary masses of Nigeria and other social vices in the country.
“We are optimistic it will reduce tension in the land and give the legislators and the Federal Government of Nigeria a high public approval rating and prospect of winning future elections for the politicians in power now”.
He explained that the federal government registered Idealab Agency in May this year to address the challenges of smallholder farmers and micro, small, and medium enterprises in accessing intervention funds in Nigeria, lack of market access, and shortage of employment in the country and to create wealth using digital platforms.
“This was a follow-up of the Idealab program that was officially launched on the 29th March 2022 by the Bank of Industry in collaboration with the other critical stockholders to drive the initiative of the Federal Government of Nigeria for the investment in digital economy and creative enterprise (IDICE) and the World Bank Group’s International Finance Corporation venture capital funds for intervention programmes using financial inclusion and inclusive growth strategies to lift Nigerians who are excluded out of poverty.
“The funds are in the form of Grants, Scholarships, Aid, Employment, Market access and Loan programmes. Idealab program has created and adopted state-of-the-art technologies that can drive financial inclusion and inclusive growth strategies across the country to bring intervention programmes to every community in Nigeria.
“These technologies are designed and approved to facilitate the onboarding processes and disbursement of loans, grants, scholarships, aid, employment & market access, etc.
“By adopting these technologies and using them, so many adult Nigerians can access intervention programs ranging from N500,000 to N200 Billion, both from the Federal Government of Nigeria and World Bank Group,” he added.
