The World Bank has recently allocated a significant sum of approximately $299.99 million to Nigeria as part of the approved $800 million for the National Social Safety Net Program-Scale Up.
Information sourced from the Bretton Woods institution indicates that, with 37.5% of the total loan disbursed, there remains a pending balance of approximately $442.88 million.
The National Social Safety Net Programme-Scale Up, sanctioned by the World Bank on December 16, 2021, is slated to remain operational until June 30, 2024.
Tasked with the implementation of the $800 million program is the Federal Ministry of Humanitarian Affairs & Poverty Alleviation.
Utilizing this loan, the Federal Government aims to initiate a monthly cash transfer program, specifically targeting impoverished and vulnerable Nigerians adversely affected by recent policies, including the removal of fuel subsidies.
A notable development occurred in October 2023 when President Bola Tinubu formally launched the long-anticipated conditional cash transfer program. This initiative is designed to benefit 15 million households nationwide, with an earmarked disbursement of N75,000 within a three-month period.
This financial infusion underscores the commitment to addressing socio-economic challenges, providing a lifeline for those grappling with the repercussions of recent policy changes while striving to uplift the vulnerable segments of the Nigerian population.
