FGN Bank Set to Disburse $800m Aid to Nigerians
The World Bank has taken a major step by releasing $800 million dedicated to Nigeria's National Social Safety Net Program-Scale Up. A substantial portion, about $300 million, has already been disbursed, indicating a crucial move by the Federal Government to implement a monthly cash transfer initiative for the country's most disadvantaged citizens. President Bola Tinubu launched this program with the aim of aiding 15 million households impacted by recent policies, such as the removal of the fuel subsidy.
This financial support, in partnership with the World Bank, signifies a pivotal achievement in the government's efforts to assist vulnerable communities and alleviate the effects of recent economic shifts. The commitment to transparency and effective implementation is evident in the decision to enhance the cash transfer program's system. This collaboration showcases a proactive stance in tackling Nigeria's economic challenges, ensuring that the aid effectively reaches those who are most in need.