Again, Tinubu Moves To Borrow $500m For Social Security Financing
President Bola Tinubu has approached the World Bank to borrow $500million through International Development Association (IDA) credit for the Household Prosperity and Empowerment-Social Protection Project.
In addition Tinubu administration is also planning to take two additional $500million loan each for climate resilience and early childhood development.
The Punch on Monday published exclusive on how the government plans to borrow $1.5million to finance some commitments.
The World Bank document said the programme would establish “a sustainable social assistance to poor and vulnerable households, financed increasingly from federal and state budgets and delivered through strengthened state and local government systems.”
According to the document, the HOPE-SP project is at an earlier stage of preparation. Its technical design review is expected on October 30, 2026, while the World Bank has tentatively fixed March 16, 2027, as its approval date.
The Federal Ministry of Finance is listed as the borrower, while the Federal Ministry of Humanitarian Affairs and Poverty Reduction will implement the programme
The project has an estimated cost of $500m, comprising a $420m results-based programme and an $80m investment project financing component, with the entire financing expected from IDA.
It is designed to establish regular social assistance for poor and vulnerable households, while gradually shifting financing responsibility towards federal and state budgets.
The proposed programme would finance targeted unconditional and conditional cash transfers, modernise the social registry, integrate the National Identification Number into the social protection information system and strengthen implementation at federal, state and local government levels.
