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World Bank Allocates $300 Million In Palliative Loans For Nigeria

November 16, 2023
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Fuel Subsidy: World Bank Must Allow Africa’s Poor Breathe

The World Bank has initiated the disbursement of $300 million under the National Social Safety Net Program-Scale Up. The approved $800 million loan, sanctioned on December 16, 2021, aims to aid the Federal Ministry of Humanitarian Affairs & Poverty Alleviation’s efforts in implementing a conditional cash transfer program for the country’s poor and vulnerable citizens.

Recent reports reveal that the World Bank has disbursed approximately $299.99 million, marking a pivotal step forward in the realization of the National Social Safety Net Programme-Scale Up.

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This development signifies 37.5% of the total loan disbursed, leaving a pending balance of approximately $442.88 million.

The $800 million social safety net program is designed as a conditional cash transfer initiative, orchestrated to support poor and vulnerable Nigerians adversely affected by recent policy changes, such as the removal of fuel subsidies.

With this financial injection, the Federal Government plans to execute a monthly cash transfer program, providing much-needed relief to those grappling with the economic fallout of policy adjustments.

President Bola Tinubu officially launched the conditional cash transfer program in October 2023, targeting 15 million households nationwide.

READ ALSO:Subsidy Removal Palliatives: Pensioners Hail Tinubu For Inclusion In Cash Transfer Scheme

Eligible beneficiaries are slated to receive N75,000 within a three-month period, offering immediate financial assistance to those in need.

To ensure the seamless execution of the cash transfer program, the Federal Government is actively seeking the services of a consulting firm for the upgrade of the system.

The upgrading process encompasses the development, implementation, deployment, and maintenance of a user-friendly, interactive, web-based Management Information System (MIS) to enhance the effectiveness and efficiency of the National Social Safety Net Programme-Scale Up.

This decision to upgrade the system stems from the National Economic Council’s commitment to avoiding the use of the social register from the previous administration, citing credibility concerns.

The new MIS is expected to support the activities of NASSP-SU for the effective and efficient delivery of program benefits to the poor and vulnerable.

The financing agreement document specifies the repayment terms between the Federal Republic of Nigeria and the International Development Association of the World Bank.

Repayments will be made in instalments, commencing on January 15, 2027, with the final payment due on July 15, 2051.

 

Somto
+ posts

Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.

She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.

As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.

Somto is dedicated to providing valuable information and entertainment to her audience while upholding the highest standards of journalistic integrity.

Follow Somto on social media:

LinkedIn: Somtochukwu Bisina

#EntertainmentReporter #MediaProfessional #Journalism

Bisina Somto

Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.

She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.

As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.

Somto is dedicated to providing valuable information and entertainment to her audience while upholding the highest standards of journalistic integrity.

Follow Somto on social media:

LinkedIn: Somtochukwu Bisina

#EntertainmentReporter #MediaProfessional #Journalism

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