World Bank approves $500m Loan for Nigeria Social Investment Programme

world bankNigeria— with the World Bank, the Special Adviser to the President Buhari on Social Investments Programme (SIP), Mrs. Maryam Uwais, disclosed that during the weekend during an interactive session with newsmen in Lagos, Nigeria, that the World Bank has approved $500 million loan facility for the Federal Government of Nigeria’s Social Investment Programme (SIP).

That the World Bank was urged to support the Nigeria government with the credit facility for the government transparency and accountability that had emblematized led Social Intervention Programme of President’s Buhari since its commencement.

The Special Adviser to the President Buhari on Social Investments Programme (SIP), Mrs. Maryam Uwais further said that the federal Government of Nigeria will service the loan, which will be repaid within the three-year life cycle of the programme, comes with only 1.7 per cent interest rate.

“We are passionate about this programme. The World Bank has been assisting us with training and other supports. In fact, the bank has approved a $500 million loan for us to enable us cover a large number of people below the poverty line which this programme is set out to achieve.

“We have not started drawing from the fund because the matter is still before the National Assembly, since it is a foreign loan. The World Bank is quite happy that this programme is different from similar programmes in the past because of the transparency in its implementation.”

Mrs. Maryam Uwais also stated that N80 billion of the N500 billion earmarked for the programme had been released, put the number of people below the poverty line in the country is at 53 million.

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