Nigeria Secures $208M for Social Assistance Program
The Nigerian government has drawn an additional $208.29 million from an $800 million World Bank social safety net loan, raising total disbursements to about $744.61 million. The funds were received in three tranches: $8.29 million on April 8, $150 million on April 29, and $50 million on June 22, 2026.
The World Bank approved the loan in December 2021 to enhance social assistance for poor and vulnerable Nigerians, especially after the petrol subsidy was removed in May 2023, which adversely affected household incomes. The government initially planned to provide N5,000 monthly but revised this to N25,000 for three months, targeting millions of vulnerable citizens.
Approximately 93.1% of the total World Bank facility has been accessed, indicating Nigeria's reliance on external financing for social protection amid economic reforms. The Ministry of Humanitarian Affairs and Poverty Alleviation has faced scrutiny over financial irregularities, leading to stricter beneficiary verification processes.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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