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Govs excited as World bank backs Nigeria’s 5,000 monthly payment for the poor with N329.53bn

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The World Bank has revealed it is willing to bankroll Nigeria’s Conditional Cash Transfer programme for the poor and vulnerable to the tune of $800m (N329.53bn at official exchange rate).

This was disclosed in a communique issued after the 36th teleconference meeting for Governors on Thursday.

The communique which was signed by Nigeria Governors forum Chairman, Kayode Fayemi quoted World Bank Country Director, Shubham Chaudhuri expressing willingness to commit to the programme.

The communique read in part, “Forum members also listened to the World Bank Country Director, Shubham Chaudhuri, on the rollout of a World Bank financed $800m facility designed to fund a large-scale Conditional Cash Transfer programme across the country.

“The forum thereafter resolved that each state governor will establish and chair a steering committee to oversee the Conditional Cash Transfer initiative to ensure that the programme aligns with the vision of the state government.”

The Federal Government supports indigent Nigerians by giving them cash through the CCT programme, which is managed by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development.

READ ALSO: World Bank warns subsidy removal will increase Nigeria’s inflation by 2.5%

The NGF further stated that it received a presentation from the humanitarian ministry on the cash transfer programmes of government.

It said, “On the National Social Register and the Rapid Response Register as critical tools for rolling out cash transfer programmes, members received a presentation from the National Coordinator of the National Social Safety Nets Coordinating Office, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, Mr. Iorwa Apera.”

Millions of Nigerians, according to officials of the humanitarian ministry, have received cash transfers from the Federal Government through the CCT programme.

In a recent update the ministry said more than 1.9 million poor and vulnerable households in Nigeria have so far been registered and over N58 billion disbursed in two months.

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