As reported by Nairmatrics, the appraisal from the “Program Information Document (PID)” on the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance Program, showed that the government is looking to secure a $500 million loan from the World Bank to be infused into the country’s health and education sector.
The main objectives for securing the loan includes employing more workers in the aforementioned sectors, deployment, and ensuring better performance management of educators and primary healthcare workers.
The loan is set to be approved y the World Bank on September 26, 2024,
There is an emphasis placed on addressing the staffing issues in the country’s educational system by bolstering the recruitment processes and ensuring the best people are hired.
Nigeria’s $500 million loans from the World Bank
In July, 2024, the Nigerian government requested a $500 million loan from the World Bank to improve dam safety and strengthen water resource management throughout the country, under the Sustainable Power and Irrigation for Nigeria initiative.
In May, 2024, Nigeria secured a $500 million loan from the World Bank to address its electricity concerns, as reported by Reuters. The loan preceded the government’s decision to increase the electricity tariffs of the country’s top power consumers, the month prior.
The loan was meant to aid in the improvement of the technical performance of distribution companies, which has been lagging for years.
Additionally, in June 2023, the World Bank approved a $500 million loan for the ‘Nigeria for Women Project.’ This particular loan led to some complications, concerning a threat to the life of Nigeria’s Women Affairs Minister, Uju Kennedy-Ohanenye.
PremiumTImes reported that the minister claimed that her life was “at stake” for refusing to sign the $500 million loan from the World Bank.
“Let me tell you, if I sign that loan today, I am entitled to five per cent of the money, but I refused to sign it. It is part of why the National Assembly and all of them are after me,” she stated.
“All the loans they collect, including World Bank loans, etc., are you aware that the same World Bank staff in Nigeria takes back 40 per cent and calls it consultation fees?” she also alleged.
However, a few days later, the Minister retracted her allegation via a statement signed by her media aide, Musa Abdulrahaman.
“In response to your query, please note that World Bank staff do not receive 40 percent of project funds as “consultation fees” nor are ministers entitled to five per cent of project funds for signing loan agreements. Both assertions are unequivocally false,” Mansir Nasir, a senior external affairs officer with the World Bank.
