Tinubu In Talks With World Bank For Fresh $1.5 Billion Loan

The Federal Government is currently engaging the World Bank on a fresh $1.5bn loan, findings by Sunday PUNCH have shown.

Abbreviated as HOPE, the loan is titled ‘Nigeria Human Capital for Opportunities and Empowerment’ based on information obtained from the website of the Washington-based institution.

The objective of the loan is “to strengthen systems for improved delivery of basic education and primary health services in participating states.”

The loan is meant to be implemented in 2024 pending approval by the board of the World Bank Group.

Sunday PUNCH also discovered that there was another loan titled: ‘Nigeria Macro-Fiscal Reforms for Economic Stability and Economic Transformation’.

However, the amount for this other loan was not disclosed as of the time of filing this report.

There were also pending discussions on five other loan projects, according to findings.

These include $300m for solutions for internally displaced persons and host communities’ project, $500m for rural access and agricultural marketing project-scale up, $750m for the Nigeria distributed access through renewable energy scale-up project, $700m for sustainable power and irrigation for Nigeria project, and $500m for NG accelerating resource mobilisation for reforms PforR.

Credit: Prince Epeni B Donokoromor