World Bank Deploys N329.53 Billion Money Transfer Program to Nigeria

The World Bank is setting up an $ 800 million facility (329.53 billion naira at the official exchange rate) designed to finance a large-scale conditional cash transfer program in Nigeria, the Governors’ Forum suggested. Nigeria in its statement from the 36th teleconference released on Thursday.

He said the fund was brought to the attention of governors by World Bank Country Director Shubham Chaudhuri during the meeting, according to the statement signed by NGF Chairman Kayode Fayemi.

The statement read in part, “Forum members also listened to World Bank Country Director Shubham Chaudhuri on the deployment of an $ 800 million facility financed by the World Bank and designed to finance a large-scale conditional money transfer across the country.

“The forum then decided that each state governor would establish and chair a steering committee to oversee the conditional cash transfer initiative to ensure that the program aligns with the state government’s vision.

The federal government supports needy Nigerians by giving them money through the CCT program, which is administered by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development.

The NGF further stated that it had received a presentation from the humanitarian ministry on the government’s cash transfer programs.

He said: “On the National Social Register and the Rapid Response Register as essential tools for the deployment of Social Development transfer programs, Mr. Iorwa Apera.

Millions of Nigerians, according to humanitarian ministry officials, have received cash transfers from the federal government through the CCT program.

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