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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per annum on the Unwithdrawn Financing Balance and a service charge of three-fourths of one per cent per annum on the withdrawn credit balance, according to the document.
Also, the World Bank disclosed that the interest charge is one and a quarter per cent per annum on the withdrawn credit balance.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.
The Centre for the Promotion of Private Enterprise (CPPE) has urged policymakers to prioritise targeted interventions to address uneasiness around cost of living to ensure Gross Domestic Product (GDP) growth translated into real improvements in citizens’ welfare.
The Founder, CPPE, Dr.
Muda Yusuf, gave the advice on Tuesday in Lagos in reaction to the country’s third quarter GDP report which grew by 3. 98 per cent.Yusuf noted that though the report showed slight moderation from the 4.3 per cent growth in the second quarter.
However, data confirms the economy remains firmly on a path of steady recovery and consolidation.
Yusuf said the performance highlighted the positive impact of ongoing economic reforms, especially in stabilising the exchange rate, moderating inflation, improving fiscal conditions and gradually restoring investors’ confidence.
According to him, these macroeconomic gains have strengthened business sentiment and supported activity across key sectors of the economy.
He, however, noted that in spite of improving fundamentals, the cost-of-living crisis remains a concern.
Yusuf said while disinflation was underway and prices of some food items and manufactured products were easing, the social outcomes of economic reforms continued to weigh on households.
“It is, therefore, imperative for policymaking to prioritise targeted interventions to address the uneasiness around cost of living and ensure that GDP growth and macroeconomic stability translate into real improvements in citizens’ welfare—particularly for vulnerable groups,” he said.
Yusuf said to consolidate the gains recorded in Q3 and unlock stronger, more inclusive growth, certain policy interventions were critical.
He emphasised the need to reduce structural bottlenecks, mitigate the cost of the living crisis, strengthen agricultural productivity, rebuild manufacturing competitiveness and address housing affordability.
Yusuf also called for increased funding for social sectors such as health and education, enhancement of non-oil exports, stabilised oil output and security of critical infrastructure.
He reaffirmed that targeted policies to ease cost-of-living pressures was crucial to making the reform process inclusive.
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Reps Order Forensic Audit of NMDPRA over Alleged Mismanagement of Gas Infrastructure Fund
By Ubong Ukpong, Abuja
Public Accounts Committee (PAC), of the House of Representatives, on Monday, ordered a forensic audit of theMidstream and Downstream Gas Infrastructure Fund by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), over the alleged mismanagement of the Fund’s operations from 2021 to date.
The Committee Chaired by Representative Bamidele Salam on Monday made the decision after a motion, titled “Motion on the Urgent Need to Investigate Misapplication and Mismanagement of Midstream and Downstream Gas Infrastructure Fund by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from Year 2021 to Date in Contravention of the Petroleum Industry Act (PIA) 2021,” was moved by Hon. Cyriacus Umeha and seconded by Hon. Kafilat Ogbara.The Committee noted that Section 52(1) of the Petroleum Industry Act (PIA) 2021 established the Midstream and Downstream Gas Infrastructure Development Fund, stating that its utilisation must be subjected to appropriation by the National Assembly.It further observed that Section 52(7a) stipulates that the fund should be financed through 0.5 percent of the wholesale price of petroleum products and natural gas sold in Nigeria, collected from wholesale customers in addition to levies outlined in Section 47(2)(c) of the Act.Lawmakers also drew attention to Sections 52(8) and (9) of the Act, which mandate the NMDPRA to ensure the prompt collection of all such sums into the Fund’s account within 21 days of the sale of petroleum products and natural gas in the country.The Committee highlighted that Order 20, Rule 6(5) of the House Standing Orders (11th Edition) empowers the Public Accounts Committee to investigate loss of public revenue, non-remittance of fees, and violations of financial laws in the administration of public funds.However, concerns were raised after the Public Accounts Committee, in a letter dated July 21, 2025, requested the NMDPRA to submit relevant information on the administration and utilization of the Fund and to appear before the Committee on August 12, 2025.According to the motion, the Authority neither responded to the request nor honoured the invitation.The Committee explained that it issued a final reminder on August 26, 2025, but the NMDPRA still failed to comply, raising further suspicion about the management of the fund.Lawmakers expressed alarm that several wholesale customers had defaulted in paying the mandatory 0.5 percent levy, despite Section 52(9) empowering the Authority to set regulations for late or non-payment.They also cited serious allegations of due process violations, disregard for financial regulations, and the absence of audit reports on the fund since its establishment.In response, the House resolved to mandate the Office of the Auditor-General for the Federation to conduct a comprehensive forensic audit of all funds collected by the NMDPRA since 2021.The Committee said the audit is expected to uncover the extent of alleged mismanagement, misappropriation, and fraudulent diversion of funds, as well as identify wholesale customers who failed to remit the required levy.PAC ordered the Auditor-General to report back to the Committee within 60 days.
From Ene Asuquo, Calabar
A youth leader in Effi, Okuni community in Ikom local government area of Cross River State, Alobi Ndifon has asked Executive Director Rainforest Resource and Development Center (RRDC), Prince Odey Oyama, to tender payment evidence for N40m compensation money that he allegedly collected from the Cross River State Government for superhighway on behalf of the community.
Ndifon made the accusation during an interactive session with our reporter in Calabar yesterdayHe accused Oyama of lacking the moral justification to accuse Okim, who is their community legal Adviser of not being transparent, as Oyama himself is not transparent accusing him of causing divisions within the community. He urged Oyama to stop spreading malicious propaganda against the Okim, accusing Oyama of fostering divisive tendencies rather than unity in the community.He said that Oyama’s claim of a secret agreement between Okim and Chinese nationals has been described as “totally unfounded” and lacking evidence to back his claims.Ndifon demanded that Oyama produce evidence to support his claims or retract his statements, saying that the allegations are damaging to Okim’s reputation.He accused Oyama of prioritizing his selfish interests over the well-being of the community, causing harm to the community’s unity and progress.Ndifon stated that Oyama’s actions are motivated by a desire to destroy Okim’s reputation and advance his own interests, rather than working towards the betterment of the Olulumo Community.Ndifon demanded that Oyama produce evidence to support his claims or retract his statements, saying that the allegations are damaging to Okim’s reputation.He accused Oyama of prioritizing his selfish interests over the well-being of the community, causing harm to the community’s unity and progress.Efforts to get Oyama to react on the issue failed as text messages and telephone calls put across to him after a failed attempt to speak with him, yielded no results as Oyama neither replied to the text message or replied to the telephone even when his phone ran several times.
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