The proposed $800 million grant from the World Bank for subsidy palliatives is a loan contrary to claims by the Nigerian government, BusinessDay’s finding has shown.
On Wednesday, Nigeria’s finance minister, Zainab Ahmed announced that Nigeria secured an $800 million grant from the World Bank for cash handouts to the poor as part of efforts to end a costly fuel subsidy by June.
“The first tranche of funding from the Washington-based lender “will enable us to give cash transfers to the most vulnerable in our society that have now been registered in a national social register,” Ahmed said on Wednesday.
Details of the agreement seen by BusinessDay showed agreement between the federal government and the World Bank has a repayment plan which will be made from 2027 to 2051, twice a year.
“Let’s stop the misinformation that this is a grant. It’s a loan,” Olúṣeun Onígbindé, the co-founder and CEO of BudgIT, a Nigerian civic startup said.
