The World Bank loan of $800 million for post-petroleum subsidy palliatives for nearly 50 million Nigerians is to be repaid over a 25-year period.
On August 16, 2022, the Nigerian finance minister and the World Bank Country Director for Nigeria signed the financial agreement document for the National Social Safety Net Plan – Scale Up.
The loan is concessional funding, which means it is granted to poor nations at below-market interest rates by big financial institutions in order to advance development goals.
The loan will be repaid in 25 installments by the federal government, with the first payment due on January 15, 2027, and the last payment due on July 15, 2051.
The loan will be repaid in dollars, and the future administration, led by President-Elect Bola Ahmed Tinubu, would be in charge of initiating the payback process.
