), will begin the repayment of the $800m loan approved by the World Bank as subsidy palliative, The PUNCH has learnt. 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. 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. According to the World Bank, concessional finance is below-market-rate finance provided by major financial institutions, such as development banks and multilateral funds, to developing countries to accelerate development objectives.

Source: Punch April 13, 2023 14:53 UTC