WORLD BANK DISBURSES $800M PALLIATIVE LOANS
Written by Oyebamiji Idowu on November 16, 2023
The World Bank has initiated the disbursement of the $800 million loan approved for the National Social Safety Net Program-Scale Up.
Under this program, the World Bank has already released approximately $299.99 million to Nigeria, as per the approval granted on December 16, 2021. This information was confirmed by documents obtained from the World Bank, which also indicated that the disbursement occurred recently.
With 37.5% of the total loan now disbursed, a remaining balance of approximately $442.88 million awaits disbursement.
The $800 million social safety net program is a conditional cash transfer initiative that will be implemented by the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.