The World Bank has approved a $500 million loan to the government of Nigeria for its social investment programme. This was disclosed by Maryam Uwais, the Special Adviser to the President on Social Investments.

“The World Bank has been assisting 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,” she said. However, she further noted that the government is yet to tap into the fund since “the matter is still before the national assembly”.

According to Uwais, there are in Nigeria about 53 million people (out of a population of more than 180 million) that live below the poverty line.

In regards to the loan, the official said it will be repaid within three years, period over which the programme is to last, at an interest of 1.7%. She further enhanced that the Bretton Woods institution’s assistance was necessary for the successful implementation of the programme to insure transparency and accountability in the process.