The World Bank has finally disbursed about $299.99 million to Nigeria out of the $800 million approved for the National Social Safety Net Program-Scale Up.
According to information from the Bretton Woods institution, with about 37.5% of the entire loan disbursed, there is a pending balance of about $442.88 million.
The National Social Safety Net Programme-Scale Up was approved by the World Bank on December 16, 2021, and is expected to run till June 30, 2024.
The $800 million programme is to be implemented by the Federal Ministry of Humanitarian Affairs & Poverty Alleviation.
With this loan, the Federal Government plans to run a monthly cash transfer programme for poor and vulnerable Nigerians, who have been hit hard by recent policies, such as the fuel subsidy removal.
In October 2023, President Bola Tinubu formally launched the promised conditional cash transfer programme targeted at 15 million households nationwide billed to receive N75,000 within three months.
