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WORLD BANK LOAN
The World Bank has approved three new projects for Nigeria, totalling $1.57 billion in financing.
Nigeria is on the verge of securing World Bank’s approval for three major loan projects worth a total of $1.5 billion, currently under negotiation, this week.
Nigeria is on the verge of securing a $500 million loan from the World Bank, a significant financial boost aimed at addressing critical challenges in the country’s education and healthcare sectors.
Oyo State Governor, Seyi Makinde, has countered claims by President Tinubu that the federal government granted N570 billion to the 36 states of the federation, stating that the information is not completely accurate.
The World Bank has disbursed $751.88 million to Nigeria from a recently approved $1.5 billion loan.
The Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) are expected to receive $10 million for technical assistance as part of the newly approved $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR) project.
The federal government has secured a $500 million World Bank loan to enhance power distribution in the electricity sector, following last month's tariff increase for top consumers across the country.
Nasarawa State Governor, Abdullahi Sule, has commenced the disbursement of a $250,000 revolving loan facilitated by the World Bank under the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) program to 620 farmers.
The World Bank has loaned Ethiopia a total sum of $1.72 billion to enhance electricity, expand water supply, and also facilitate the movement of food to markets.
Nigeria Sustainable Urban and Rural Water Supply, Sanitation and Hygiene Program-for-Results (SURWASH Programme), underpinned by a $700 million loan from the World Bank, faces significant delays due to legislative gridlock.
President Bola Tinubu has written a letter to the Senate to seek its approval to obtain a loan of $800 million from the World Bank to finance the National Safety Net Programme of the Federal Government.
The Finance Minister has disclosed that Nigeria has fulfilled the conditions and is in the last stages of securing a World Bank loan.