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FG Receives $299.99m Palliative Loan from World Bank
By Tony Obiechina and David Torough, Abuja
The World Bank has finally disbursed about $299.99 million to Nigeria out of the $800 million approved for the National Social Safety Net Program-Scale Up.
The disbursement represents 37.5 per cent of the agreed $800 million to cushion the effect of the subsidy removal.
According to information obtained from the World Bank, with a source in the bank confirming to Nairametrics that the disbursement was made to the Nigerian government recently.
Also, information from the Bretton Woods institution, said with about 37.5% of the entire loan disbursed, there is a pending balance of about $442.88 million.
The National Social Safety Net Programme-Scale Up was approved by the World Bank on December 16, 2021, and is expected to run till June 30, 2024.
The $800 million loan obtained by the Federal Government attracts a maximum commitment charge rate of one-half of one per cent per annum on the Unwithdrawn Financing Balance and a service charge of three-fourths of one per cent per annum on the withdrawn credit balance, according to the document.
Also, the World Bank disclosed that the interest charge is one and a quarter per cent per annum on the withdrawn credit balance.
The $800 million programme is to be implemented by the Federal Ministry of Humanitarian Affairs and Poverty Alleviation headed by the minister, Dr Betta Edu.
With this loan, the Federal Government plans to run a monthly cash transfer programme for poor and vulnerable Nigerians who have been hit hard by recent fuel subsidy removal policies.
Daily Asset reported in October 2023 that President Bola Tinubu formally launched the promised conditional cash transfer programme targeted at 15 million households nationwide billed to receive N25,000 each month, amounting to N75,000 within three months.
The Federal Government is currently seeking the services of a consulting firm to help with the upgrade of the system for the cash transfer programme which the state government under the leadership of the Nigerian Governors’ Forum faulted and demanded a new database.
In addition, a percentage of the principal amount of the loan is expected alongside the other charges, and this will increase over time.
While the first payment will be 1.65% of the principal amount, the last payment will be 3.40%.
“The Federal Republic of Nigeria has received financing from the World Bank toward the cost of the National Cash Transfer Office under the Federal Ministry of Humanitarian Affairs & Poverty Alleviation and implementing agency of the Client and intends to apply part of the proceeds toward payments under the contract for Upgrade of MIS for NASSP-SU.”
“The consulting services (“the Upgrade of MIS for NASSP-SU”) include carrying out the development, implementation, deployment, and maintenance of a user-friendly, interactive, web-based MIS System to support the activities of NASSP – -SU of the Federal Republic of Nigeria for effective and efficient delivery of Programme benefits to the Poor and Vulnerable. For the estimated level of effort (professional staff months) as contained in the TOR, for an implementation period of 120 days plus warranty and after-sales service; the expected start date of assignment, should be in the next three months from the advert date.”
This upgrade is necessary as the National Economic Council (NEC) decided earlier not to use the social register from the previous administration of Muhammadu Buhari for running the conditional cash transfer program due to credibility issues.
The financing agreement document for the National Social Safety Net Program-Scale Up between the Federal Republic of Nigeria and the International Development Association (IDA) of the World Bank showed that the repayment will be made in installments, with the first payment due on January 15, 2027, and the last payment due on July 15, 2051.
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UK Unemployment Rate Rises to 5.1 Per cent
The UK unemployment rate in the three months to October has increased to 5.1%, according to official figures.
That marked a rise from 5% for the three months to September.
The number of people in the UK who are unemployed is now at its highest level since January 2021, just below the peak rate seen during the Covid-19 pandemic.
The Office for National Statistics (ONS) said the data reflected a “Subdued labour market”.
Average wage growth was 4.6%, excluding bonuses, between August and October 2025, but headed in different directions depending on whether you were employed by a company or the state.
Earnings growth in private companies slowed from 4.
2% to 3.9% but accelerated for the public sector employees from 6.6% to 7.6%, compared with the prior three-month period.Wage growth, excluding bonuses, still remains higher than the rate of price increases in the economy.
Estimates for employees on company payrolls dropped by 149,000, or 0.5%, in October compared with the previous year.
Liz McKeown, the ONS director of economic statistics, said the figures indicate “a weakening labour market”.
“The number of employees on payroll has fallen again, reflecting subdued hiring activity.
McKeown also said young people were particularly affected by the fall in payroll numbers and the rise in unemployment.
The number of unemployed 18-24 year olds increased by 85,000 in the three months to October 2025, the largest rise since November 2022.
The government has said it will launch an investigation into youth unemployment and inactivity.
Meerah Nakaayi is 22 and from London. She did a two-year apprenticeship in policy and then worked in the sector for two years, but has been out of work since June.
“The last six months have been incredibly frustrating and demotivating” Meerah said.
“My last interview feedback stated how they had 290 applications for a policy analyst role for a niche policy area. I think that just shows how competitive it really is out there.”
James Reed, the chief executive of Reed Recruitment said all the main measures of the labour market were “going in the wrong direction”.
“I’m wondering whether they’ve hit the bottom or not,” he said.
Reed told the BBC’s Today programme the increase to the minimum wage announced in the Budget was “very welcome for people who have jobs” but “the economics of hiring at entry level is becoming less and less appealing to employers”.
The government has pledged to scrap the two-tier minimum wage and create a new rate for all adults.
But many businesses have said this will make them less inclined to hire young workers with little or no experience.
Yael Selfin, chief economist at KPMG UK, said: “The prospects for a rebound in hiring activity for younger workers remain weak.
The falling rate of private-sector wage growth reflects “a marked slowdown in hiring activity amongst businesses,” she said.
Selfin also said that the overall picture bolstered the case for the Bank of England to cut its base interest rate on ThursdaResponding to the ONS figures, Secretary of State for Work and Pensions Pat McFadden said the data “underline the scale of the challenge we’ve inherited”.
“That is why we are investing £1.5bn to deliver 50,000 apprenticeships and 350,000 new workplace opportunities for young people – giving them real experience and a foot in the door.
Helen Whately, shadow work and pensions secretary, accused the government of implementing “growth-killing policies” that would lead to job losses in the run up to Christmas.
“Fourteen months in a row of higher unemployment means thousands of families will be struggling through the holiday season and without a steady income heading into the New Year.”
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EEDC Explains Recent Decline in Power Supply across South-East
The Enugu Electricity Distribution Company (EEDC) has attributed the recent decline in power supply across the South-East to low electricity frequency.
The Group Head, Corporate Communications, EEDC, Mr Emeka Ezeh, said in a statement on Tuesday in Enugu that the development was caused by gas constraints affecting the Generation Companies (GenCos).
“The development has necessitated the load shedding of available energy by the Transmission Company of Nigeria (TCN).
“As a result, energy allocation to EEDC and daily service levels for customers served by its subsidiary companies – MainPower, TransPower, FirstPower, NewEra, and EastLand – have been impacted.
“Efforts are being made by key stakeholders in the electricity supply industry to address the challenge and restore normal power distribution,” he said.
Ezeh apologised for the inconvenience caused to customers, adding, “We appreciate the patience and understanding of electricity consumers across the South-East.”
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Hamann: Wirtz Made Wrong Choice Joining Liverpool
Liverpool hero Didi Hamann believes Florian Wirtz made the wrong decision joining the Reds this summer.
Wirtz, a £100m summer signing from Bayer Leverkusen, has struggled to adapt to the Premier League and is yet to register a single goal after 16 games in the competition.
Speaking with Sky Deutschland, Hamann stated that the Germany international would have adapted easily to the Bundesliga if he had joined Bayern Munich instead of Liverpool this summer.
“Christmas is approaching and he still hasn’t scored a goal or decided a match. Football is played differently in the Premier League, and he’s had little to no impact there so far.
“Liverpool signed a player for €140 million hoping he could turn around a struggling team with one or two plays.
He still hasn’t done that, and why would he now in January?“When I watch him play, I sometimes get the feeling that he himself no longer believes in his potential. Wirtz made the wrong choice in the summer when he was faced with the choice between Liverpool and Bayern Munich.”

