FG reveals reason for seeking new $800 million loan from World Bank

• The World Bank has released further funds to Nigeria nether the National Social Safety Net Programme Scale Up
• Information from the World Bank shows that the full disbursement accrued from $315 cardinal successful 2023 to $530 cardinal successful 2025
• The $800 cardinal installation was designed to supply conditional currency transfers to Nigeria’s susceptible citizens

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The World Bank has disbursed further funds to Nigeria nether the $800 cardinal National Social Safety Net Programme-Scale Up, expanding the full disbursed funds to $530 million.

Data from the World Bank’s authoritative website showed that the full disbursement roseate from $315 cardinal successful 2023 to $530 cardinal successful 2025, showing caller inflows for the palliative scheme.

President Bola Tinubu's authorities aims to administer N25,000 to 15 cardinal households. Credit: Sate House
Source: Facebook

Nigeria moves to stock $800m to 15 households

The World Bank information showed that the latest disbursement was recent, contempt the nonstop time not being reflected connected the planetary lender’s website.

The $800 cardinal installation was designed to supply conditional currency transfers to Nigeria’s susceptible citizens, easing the interaction of President Tinubu’s economical reforms.

The strategy was initially structured to present N5,000 monthly to households; however, owed to changes by Tinubu’s government, that outgo was updated to N25,000 monthly for 3 months, aiming to scope 15 cardinal households.

Punch reports that successful October 2023, the planetary lender disbursed $300 cardinal and $15 cardinal to Nigeria nether the scheme, bringing the full merchandise to $315 million.

Fresh information connected Thursday, May 8, 2025, showed that an further $215 cardinal has been disbursed, bringing the full to $350 cardinal and reducing the magnitude disposable for drawdown to astir $226.73 million.

Nigeria pays involvement connected IMF loan

The information means that 66.25% of the indebtedness has been released, with astir 33.75% remaining.

Despite getting the bank’s support since 2023, the palliative’s implementation experienced a setback for astir 17 months.

According to reports, portion Nigeria awaited the fund’s merchandise from the World Bank for the National Social Safety Net Programme, findings showed that the state accumulated and paid involvement charges amounting to implicit $6.18 million.

World Bank information shows that Nigeria paid involvement charges nether the fiscal statement successful aggregate tranches, including important payments successful July 2024.

Nigeria paid 3 abstracted charges amounting to $822,259, $495,603, and different $495,603, bringing the January 2025 full to $1.81 million.

Reports accidental further involvement was paid connected July 15, 2024, erstwhile $5.36 cardinal was received from 4 abstracted involvement payments.

According to disposable records, the involvement charges were paid arsenic a important portion of the indebtedness remained unreleased.

FG deploys NIN and BVN for palliative sharing

Findings revealed that helium delays were owed to administrative hassles, governmental transitions, and scandals rocking the Ministry of Humanitarian Affairs and Poverty Alleviation.

Subsequently, the Nigerian authorities partnered with the Central Bank of Nigeria (CBN) and the National Identity Management Commission (NIMC) to enforce beneficiary registration with BVN and NIN to boost controls and disbursement.

IMF confirms Nigeria’s indebtedness repayment

The improvement comes arsenic the International Monetary Fund (IMF) confirmed that Nigeria has repaid the $3.4 cardinal COVID-19 Financial Support received nether the Rapid Financing Instrument (RFI) received successful April 2020.

The repayment led to the removal of Nigeria from the IMF's database of debtor countries, pursuing the afloat colony of its outstanding recognition obligations to the Fund. 

President Tinubu's authorities repays the $3.4 cardinal IMF COVID-19 loan. Credit: State House.
Source: Getty Images

There person been mixed reactions to the assertion of afloat repayment of the IMF loan, which the presidency has wide celebrated.

World Bank approves 2 caller loans for Nigeria

Legit.ng earlier reported that the World Bank was acceptable to approve caller loans to Nigeria totalling $632 cardinal connected Monday, March 31, 2025, bringing the full of World Bank loans nether Tinubu to $9.25 billion.

The loans would enactment cardinal areas specified arsenic nutrition betterment and prime basal education.

Data from the World Bank website connected Sunday, March 30, 2025, showed that the 2 loans included $80 cardinal for the Accelerating Nutrition Results successful Nigeria 2.0 task and $552 cardinal for the HOPE scheme.

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Source: Legit.ng