The World Bank has launched a N329.53 billion cash transfer program in Nigeria.

The World Bank has launched a N329.53 billion cash transfer program in Nigeria.

FastNews reports that the World Bank is launching an $800 million (N329.53 billion at the official exchange rate) facility to fund a large-scale conditional cash transfer program in Nigeria, as the Nigeria Governors’ Forum hinted in its 36th teleconference meeting communique, which was released on Thursday.

According to the communique signed by the NGF Chairman, Kayode Fayemi, the World Bank Country Director, Shubham Chaudhuri, informed the governors about the fund during the meeting.

According to the communique, “Forum members also listened to the World Bank Country Director, Shubham Chaudhuri, on the rollout of a World Bank-financed $800 million facility designed to fund a large-scale conditional cash transfer program across the country,”

“The forum then resolved that each state government would establish and chair a steering committee to oversee the Conditional Cash Transfer initiative in order to ensure that the program aligns with the vision of the state government.

“The forum thereafter resolved that each state government will establish and chair a steering committee to oversee the Conditional Cash Transfer initiative to ensure that the program aligns with the vision of the state government.”

The Federal Government supports indigent Nigerians by giving them cash through the CCT program, which is managed by the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development.

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

It said, “On the National Social Register and the Rapid Response Register as critical tools for rolling out cash transfer programs, members received a presentation from the National Coordinator of the National Social Safety Nets Coordinating Office, Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development, Mr. Iorwa Apera.”

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