The loan which is currently being reviewed is intended to be funneled to internally displaced persons, education, and nutrition enhancement.
As per information from the global lender’s website, as seen on the Punch, the first project, Solutions for the Internally Displaced and Host Communities Project, has a $300 million commitment and is slated to be approved on April 8, 2025.
The HOPE for Quality Basic Education for All is scheduled for approval on March 20, 2025, and would be worth $553.8 million.
While the third project, Accelerating Nutrition Results in Nigeria 2.0, which the global lender aims to discuss on the 20th of February, is set at $800.
So far under the, 18 months span of the current administration, Nigeria has secured loans worth $6.95bn from the World Bank.
However, this number is higher if you consider the $500 loan the World Bank approved on the 13th of December.
This loan was approved under the Rural Access and Agricultural Marketing Project—Scale Up.
“This was the 10th loan project from the World Bank under the administration of President Bola Tinubu,” as per the Punch’s report.
Nigeria’s loans from the World Bank
“The first project approved under Tinubu’s administration was the $750m Power Sector Recovery Performance-Based Operation.”
In September, a $1.57 billion loan package for Nigeria was approved by the World Bank as part of a new initiative to strengthen the nation’s education and health systems.
According to the report, some Sub-Saharan African countries would continue to rely on borrowing from domestic and international sources to finance budget deficits in 2025, despite the region’s progress toward fiscal consolidation.
Uganda, Nigeria, and Ghana among the countries expected to keep borrowing. These three countries are expected to have severe budget deficits.
