Palliatives: FG To Repay $800M World Bank Loan For 25 Years

The next administration after the regime of the President, Major General Muhammadu Buhari (retd.), will begin the repayment of the $800m loan approved by the World Bank as subsidy palliative, The PUNCH has learnt.

Last week, the Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed to State House correspondents that the Federal Government had secured $800m from the World Bank to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023.

The financing agreement document for the National Social Safety Net Programme – Scale Up between the Federal Republic of Nigeria and the International Development Association of the World Bank was obtained by The PUNCH on Tuesday.

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The objective of the project is to expand coverage of shock-responsive safety net support among the poor and vulnerable and strengthen Nigeria’s national safety net delivery system till June 30, 2024.

The document signed by the Nigerian finance minister and the World Bank Country Director for Nigeria, Shubham Chaudhuri, on August 16, 2022, revealed that the loan was concessional financing.