The administration of President Bola Tinubu has successfully secured approval for $1.57 billion in loans from the World Bank.
The loans, which are for three projects, cover human capital through better health for women, children, and adolescents
In a statement published by the World Bank, the approval is to support the federal government in financing projects.
The Bretton Institution said Nigeria will utilise these funds to build resilience to the effects of climate change, such as floods and drought, through improving dam safety and irrigation.
Part of the statement reads:
Here is the breakdown of the projects and intended usage:
Funding: $500 million
Objective: To address governance issues that hinder the delivery of education and health services, thereby strengthening the systems and procedures of government in these key human development sectors.
Funding: $570 million
Objective: To improve service delivery in the primary healthcare sector, focusing on enhancing health outcomes for women, children, and adolescents.
Funding: $500 million
Objective: To improve the safety and management of dams and water resources, supporting hydropower generation and irrigation systems to enhance resilience to climate change effects, such as floods and droughts.
TimesNow.com.ng earlier reported that the Nigerian government spent over N6bn on debt servicing payments in the first half of 2024.
The amount exceeded the debt service of 2023 N3.58 trillion, representing a 69% increase.
Experts said the debt servicing showed Nigeria’s rising fiscal vulnerability.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
