The World Bank has approved a $40 million loan as part of a larger support package aimed at boosting financial protection for millions of vulnerable Nigerians. This funding is a component of a broader $2.25 billion initiative designed to help Nigeria stabilize its economy, improve governance, and support its poorest citizens.
The $40 million tranche will specifically target improvements to Nigeria’s social safety net programs, including expanding cash transfers to low-income households and enhancing the systems used to deliver aid. These efforts will help cushion the impact of recent economic reforms such as fuel subsidy removal and currency adjustments.
The funding supports the National Social Safety Nets Programme (NASSP), which currently includes over 15 million households. With this injection, the government aims to scale its coverage and improve efficiency in reaching those most in need.
The loan comes with favorable terms—1% interest, a 10-year grace period, and a 40-year maturity—ensuring long-term affordability for Nigeria.
This targeted financial support underscores the World Bank’s continued commitment to poverty reduction and inclusive growth in Nigeria.
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