The World Bank has initiated the disbursement of the approved $800 million for the National Social Safety Net Program-Scale Up in Nigeria, News About Nigeria gathered.
According to information obtained from the World Bank, approximately $299.99 million has been disbursed recently, representing about 37.5% of the total loan.
The National Social Safety Net Program-Scale Up is designed as a conditional cash transfer program to be implemented by the Federal Ministry of Humanitarian Affairs & Poverty Alleviation.
The program aims to provide monthly cash transfers to poor and vulnerable Nigerians, particularly those adversely affected by recent policies such as the fuel subsidy removal.
President Bola Tinubu officially launched the conditional cash transfer program in October 2023, targeting 15 million households nationwide to receive N75,000 within three months.
The program is a significant part of the government’s efforts to mitigate the impact of economic challenges on vulnerable populations.
The Federal Government is currently in the process of upgrading the system for the cash transfer program. It is seeking the services of a consulting firm to develop, implement, deploy, and maintain a user-friendly, web-based Management Information System (MIS) to support the activities of the National Social Safety Net Program-Scale Up.
The financing agreement between the Federal Republic of Nigeria and the International Development Association of the World Bank outlines the terms of repayment.
The repayment will be made in instalments, 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.
The Federal Government’s decision not to use the social register from the previous administration for the conditional cash transfer program has led to the need for an upgrade in the MIS system.
The upgrade is crucial for effective and efficient delivery of program benefits to the poor and vulnerable, with the implementation period expected to span 120 days plus warranty and after-sales service.
