The Federal Government has partnered with the World Bank on a new $17 billion initiative aimed at reducing poverty and improving living standards for vulnerable Nigerians.
At a meeting in Abuja, World Bank Regional Vice President for Western and Central Africa, Ousmane Diagana, confirmed the commitment, saying the funds will support job creation and other development-focused reforms. He described the initiative as part of a broader strategy to help Nigeria deliver quality services and accelerate development.
Minister of Humanitarian Affairs and Poverty Reduction, Prof. Yilwatda Nentawe, stated that all beneficiaries of the Conditional Cash Transfer programme will receive a digital identity, enabling both social and financial inclusion.
Meanwhile, the Independent Media and Policy Initiative (IMPI) has criticized former Senate Chief Whip, Mohammed Ndume, for allegedly misrepresenting facts about World Bank loans under President Bola Tinubu’s administration. IMPI clarified that World Bank loans made up nearly 80% of Nigeria’s multilateral debt in 2024, growing from $21.15 billion in 2023 to $22.32 billion—a 5.5% increase, not the $9.5 billion claimed by Ndume.
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