By Lawal Amina Abiodun (SIWES student, D S Adegbenro ICT Polytechnic)
The World Bank has disbursed approximately $299.99 million out of the approved $800 million for Nigeria’s National Social Safety Net Program-Scale Up.
This recent disbursement aims to fund a monthly cash transfer program for the country’s poor and vulnerable citizens affected by recent policies.
The remaining balance is approximately $442.88 million, and the Federal Government plans to engage a consulting firm to upgrade the system facilitating the cash transfer.
Repayment of the loan, governed by a financing agreement, will occur in installments from January 2027 to July 2051, incurring various charges, including commitment, service, and interest charges.
The percentage of these charges will incrementally rise over time, with the initial payment set at 1.65% of the principal amount and the final payment at 3.40%.
