See more as Tinubu govt secures over $1bn loans from World bank

• The Federal Government of Nigeria has secured approval for new loans from the World Bank worth over $1 billion
• The government will use these new loans to support Nigeria's human capital, health, and climate resilience
• Nigeria's public debt profile is above ₦100 trillion, and a recent payment of ₦6 trillion was made to service matured debt

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The administration of President Bola Ahmed 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

World Bank has approved new loans for Nigeria to cover various projects Photo credit: Krisztian Bocsi
Source: Getty Images

In a statement published by World Bank the approval is to support the Federal Government financing of projects.

The Bretton Institution said Nigeria will utilize these funds to build resilience to the effect of climate change, such as floods and drought, through improving dam safety and irrigation.

Part of the statement reads:

“The World Bank has approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

Here is the breakdown of the projects and intended usage:

HOPE-GOV Programme

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.

Primary Healthcare Provision Strengthening Programme (HOPE-PHC)

Funding: $570 million

Objective: To improve service delivery in the primary healthcare sector, focusing on enhancing health outcomes for women, children, and adolescents.

Sustainable Power and Irrigation for Nigeria Project (SPIN)

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.

Nigeria still repaying the World Bank loan borrowed under IBB

Legit.ng earlier reported that the Nigerian government is repaying about $14.12 billion in World Bank loans.

Information from the World Bank's website data shows that the amount is the funds disbursed on about 108 approved loans.

The oldest loan being serviced was approved almost 40 years ago under General Ibrahim Babangida. The most recent one was approved by President Muhammadu Buhari in 2018.

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Source: Legit.ng