$800m Loan Obtained to Ease Effects of Covid, Cash Crunch, Subsidy Removal - Official PremiumTimesng: Nigeria
on Wednesday said the $800 million World Bank Credit was obtained to ease the suffering of poor and vulnerable Nigerians dealing with economic shocks.According to her, the $800 million is the first tranche of palliatives to be disbursed through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category in society.
But NASSCO on Wednesday said the facility"will benefit at least 10.2 million poor and vulnerable Nigerian households by way of targeted cash transfers to cushion the effects of existing social and economic shocks including the anticipated petrol subsidy removal."Recent media reports have put a spotlight on the $800 million facility to be secured by the Federal Government of Nigeria from the World Bank for assistance to vulnerable Nigerian populations.
The NASSP Scale-Up is a follow-on project to the National Social Safety Nets project executed between June 2016 - December 2022, which established the National Social Register as the database of poor and vulnerable Nigerians across the 36 States of the Federation and the FCT; and the framework for delivery of social assistance.
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