World Bank $800m a grant not loan, FG insists

The $800 million subsidy palliatives granted by World Bank is a grant not a loan, a senior government official told Saturday Telegraph yesterday.

Contrary to insinuation that it was another tranche of loan, the official who spoke to this medium said it was a grant and not loan. 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 regime by June……CONTINUE READING

“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.