World Bank approves additional $1.57bn loan for Nigeria - The Round Table Nigeria The World Bank adjudged that it has agreed an additional $1.57 billion loan to the Nigerian government to fund three projects.
The Washington-based bank stated this in a statement on Monday.
The World Bank noted that modern funding will indorse Nigeria in addressing governance disputes in education and healthcare, improving primary healthcare services, and increasing resilience to climate change through sharpened dam safety and irrigation infrastructure.
According to the World Bank, the approval of the loan was made end week on September 26, 2024.
The agreed funding highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.
This financing package, including a $1.5 billion loan and a $70 million grant, is part of broader efforts to improve key sectors such as education, healthcare, and water management, while also tackling poverty and boosting productivity.
In June final stage year, the World Bank approved, $2.25 billion loan facility for Nigeria to indorse President Bola Ahmed Tinubu’s economic policies.
The development had further increased the country’s debt burden which stood at N121.67 trillion as of March 2024 according to the Debt Management Office.
This arrives as financial experts continue to lament Nigeria’s sharpening debt burden amid a widening infrastructural deficit.
Category: World-News
Tag: World Bank approves additional dollar 157bn loan for Nigeria The Round Table Nigeria
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Published 9/30/2024