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World Bank disburses $300m palliative loans



1700115785 715 World Bank

In October 2023, President Bola Tinubu launched the conditional cash transfer program targeted at 15 million households, with each household slated to receive N75,000 within three months. The Federal Government also seeks the services of a consulting firm to upgrade the system for the cash transfer program.

The financing agreement document between the Federal Republic of Nigeria and the International Development Association of the World Bank states that the repayment of the loan will be made in installments, with the first payment due on January 15, 2027, and the last payment due on July 15, 2051. The loan attracts various charges, including commitment charges, service charges, and interest charges, as well as a percentage of the principal amount of the loan, which will increase over time – from 1.65 per cent for the first payment to 3.40 per cent for the last payment.