The Federal Government is currently in discussions with the World Bank for a new loan of $1.5 billion, which is referred to as “HOPE” (Nigeria Human Capital for Opportunities and Empowerment).
The purpose of this loan is to enhance the delivery of basic education and primary health services in participating states. The loan is expected to be implemented in 2024 pending approval by the World Bank Group’s board.
Additionally, another loan titled “Nigeria Macro-Fiscal Reforms for Economic Stability and Economic Transformation” is being considered, but the exact amount is not disclosed at this time.
There are also pending discussions on five other loan projects, including $300 million for solutions for internally displaced persons and host communities, $500 million for rural access and agricultural marketing project-scale up, $750 million for the Nigeria distributed access through renewable energy scale-up project, $700 million for sustainable power and irrigation for Nigeria project, and $500 million for NG accelerating resource mobilization for reforms PforR.
The outcomes of these discussions will determine whether the loans are approved.
Nigeria has already secured a total of $1.95 billion in loans from the World Bank in the first four months of President Bola Tinubu’s administration. This includes loans to boost the power sector, support women’s empowerment, and enhance adolescent girls’ learning and empowerment.
The World Bank, through its branches, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), has been a major creditor to Nigeria, with the country owing a substantial amount as of June 30, 2023. This debt is a combination of IDA loans and IBRD debt. Nigeria’s total public debt, which includes domestic and external debt, has increased significantly, reaching N87.38 trillion at the end of the second quarter, with domestic debt constituting the majority.
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