Federal Government Gets $400m Loan From World Bank For Conditional Transfer To 15million Households

Federal Government has approached the World Bank for a fresh loan of $400m for the conditional cash transfer to 15 million households as one of the measures to cushion the effects of petrol subsidy removal on Nigerians, according to The Punch.

The $400m will bring to $1.2bn the amount that the Federal Government has borrowed from World Bank for the cash transfer as it had earlier secured a loan of $800m for the same purpose.

A source said, “The government is funding the N35,000 wage increase for all federal civil servants and it is not taking a loan. The one the government is taking a loan for is the one of N25,000 multiplied by three months for 15 million households. There is a loan of $800m on this one and the government is adding $400m, making it $1.2bn, which will be used for the conditional cash transfer.”