The loan of $800m secured from the World Bank for post-petroleum subsidy palliatives to over 50 million Nigerians is to be repaid over 25 years.
The financing agreement document for the National Social Safety Net Programme – Scale Up was signed by the Nigerian finance minister and the World Bank Country Director for Nigeria on August 16, 2022.
The loan is concessional financing, meaning it is below-market-rate finance provided by major financial institutions to developing countries to accelerate development objectives.
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The Federal Government will repay the loan in instalments over the next 25 years, with the first payment due on January 15, 2027, and the last payment due on July 15, 2051.
The repayment will be made in dollars, and the next administration, led by President-Elect Bola Ahmed Tinubu, will be responsible for starting the loan repayment.
