World Bank Releases $300 Million for Nigeria's Social Safety Net Program
The World Bank has initiated the disbursement of $300 million for Nigeria's National Social Safety Net Program-Scale Up, a crucial initiative aimed at providing conditional cash transfers to economically disadvantaged Nigerians adversely affected by recent policies, including the fuel subsidy removal. Approximately $299.99 million has been released, representing 37.5% of the approved $800 million sanctioned on December 16, 2021.
President Bola Tinubu officially launched the conditional cash transfer program in October 2023, targeting 15 million households to receive N75,000 within three months. The Federal Ministry of Humanitarian Affairs & Poverty Alleviation oversees the execution of this $800 million social safety net program.
More Insight
To ensure effective delivery, the Federal Government is in the process of engaging a consulting firm to upgrade the Management Information System (MIS) for the cash transfer program. This upgrade is essential due to the National Economic Council's decision not to use the social register from the previous administration, citing credibility concerns.
The financing agreement outlines a repayment plan, with the first installment scheduled for January 15, 2027, and the final payment due on July 15, 2051. The Federal Government will repay the $800 million loan in installments, with commitment charges and interest charges applicable.
In summary, the World Bank's $300 million disbursement marks a significant step in addressing economic hardships through the National Social Safety Net Program, with a focus on transparent and credible implementation for the benefit of the poor and vulnerable.
Related
- UNDP Undergraduate Essay Competition 2024: Call for Entries
- Nigerian Army Recruitment 2024: Apply Now for Direct Short Service Commission Course (DSSCC)
- Vesti Graduate Trainee Programme 2024: Empowering Humans for Global Mobility
- Senior Financial Accountant at Nestle Nigeria Plc
- Field Ops Technician at Merit Telecoms Nigeria Ltd.
Have a question? Ask now!
Follow us on Instagram!
