The federal government has drawn an additional $208.29 million from an $800 million World Bank social safety net loan, pushing cumulative disbursements under the programme to approximately $744.61 million, according to World Bank loan records. The funds arrived in three tranches: $8.29 million on April 8, $150 million on April 29, and $50 million on June 22, 2026. This leaves about $55.39 million of the facility undrawn, representing 93.1% of the total credit accessed.
Background on the World Bank Loan
The World Bank approved the $800 million credit in December 2021 through the International Development Association, with the stated goal of expanding social assistance to poor and vulnerable Nigerians while strengthening the country's broader social protection infrastructure. The bank's records also captured an $83.65 million reversal on February 1, 2026, followed by a re-disbursement of the same amount on the same day, producing no net change in the total accessed.
Earlier drawdowns included $300 million in October 2023, $15 million in November 2023, $215 million in April 2025, and $6.32 million in November 2025, according to BusinessDay reports. The programme gained added importance after President Bola Tinubu scrapped the petrol subsidy in May 2023, a move that put significant pressure on household incomes across the country.
Cash Transfers: N25,000 Monthly
Under the programme, the government initially planned to pay N5,000 monthly to selected households before revising the figure upward to N25,000 per month for three months, targeting millions of vulnerable Nigerians. The World Bank says the programme is designed to reach 56 million poor and vulnerable people, with more than 42 million already receiving digital cash transfers, as reported by Punch.
Implementation was not without problems. The Ministry of Humanitarian Affairs and Poverty Alleviation faced scrutiny over alleged financial irregularities, prompting the government to introduce stricter verification requirements. Beneficiaries are now identified using Bank Verification Numbers and National Identification Numbers to reduce fraud risks and improve targeting.
FG Seeks Another $1.2bn Loan from World Bank
Earlier, Legit.ng reported that the federal government has intensified efforts to secure a new $1.25 billion World Bank loan, with the facility expected to be approved in June 2026, close to Nigeria’s elections scheduled for 2027. Punch reports that the proposed loan, titled Nigeria Actions for Investment and Jobs Acceleration, is the second-largest World Bank loan under the Tinubu administration after the Reforms for Economic Stabilisation facility of $1.5bn, which was approved in June 2024.
The loan would total about N1.70 trillion (at N1,361.4/$), indicating an increased dependence on foreign loans. Nigeria has now accessed about 93.1% of the total World Bank facility, a figure that reflects the country's sustained reliance on external financing to fund social protection as it navigates ongoing economic reforms and rising living costs.
