World Bank Disburses $299.99 Million to Nigerians From the $800 Million Palliative Loan

The World Bank which is considered as the largest bank in the world has

finally released $299.99 million to Nigerians out of the $800 million that was approved for the National Social Safety Net Program-Scale Up.

This was made public after it was confirmed that the disbursement of funds was made recently by the World Bank. 

The World Bank approved the National Social Safety Net Programme-Scale Up is to start on December 16, 2021, and is expected to run till June 30, 2024. The $800 million programme is to be supervised by the Federal Ministry of Humanitarian Affairs & Poverty Alleviation. 

The Federal Government plans to give a monthly cash transfer programme for poor and vulnerable Nigerians who are affected by the removal of fuel subsidy and rising inflation in the country with the loan.

It was reported in October 2023, that President Bola Tinubu launched the cash transfer programme that aims at supporting 15 million households with N75 million for a period of three months.

Upgrade to Make The Programme Run Smoothly 

Also, it's reported that the federal government is looking to team up with some consulting firms to help in upgrading the system for the cash transfer programme to run smoothly.

Concerning the aim of upgrading the cash transfer programme to run smoothly, the World Bank has this to say, 

• The Federal Republic of Nigeria has received financing from the World Bank toward the cost of the National Cash Transfer Office under the Federal Ministry of Humanitarian Affairs & Poverty Alleviation and implementing agency of the Client and intends to apply part of the proceeds toward payments under the contract for Upgrade of MIS for NASSP-SU. 

• The consulting services (“the Upgrade of MIS for NASSP-SU”) include carrying out the development, implementation, deployment, and maintenance of a user-friendly, interactive, web-based MIS System to support the activities of NASSP – -SU of the Federal Republic of Nigeria for effective and efficient delivery of Programme benefits to the Poor and Vulnerable. For the estimated level of effort (professional staff months) as contained in the TOR, for an implementation period of 120 days plus warranty and after-sales service; the expected start date of assignment, should be in the next three months from the advert date.

The upgrade is important since the National Economic Council (NEC) said it won't be using the social register from the past administration for running the conditional cash transfer programme due to issues on credibility.