- The administration of President Bola Tinubu has secured another significant loan from the World Bank
- The loan is worth $700 million and will support the Nigerian government's education programmes, especially for girls
- The latest loan is the third loan facility from the World Bank since coming President Tinubu into power in June 2023
The federal government has secured a fresh $700m loan from the World Bank, the third facility approved under the administration of Bola Tinubu.
The first was approved on June 9, 2023, with a loan of $750m to boost Nigeria’s power sector.
The second was a loan of $500m to help Nigeria drive women’s empowerment, and was approved on June 22, 2023, Punch reports.
New loan details
The latest loan was disclosed in a statement published on its website on Friday, September 22, 2023.
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According to the statement, the $700 million loan will enhance adolescent girls’ learning and empowerment.
Also, the new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment(AGILE)
The statement read:
“The World Bank approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states.
“The additional financing will scale up project activities from the current seven states to eleven additional states and increase the targeted beneficiaries to include out-of-school girls, those who are married, and those who have disabilities.”
The seven states AGILE programmes have been implemented are Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi, and Plateau.
World Bank gives more explanation
The World Bank Country Director for Nigeria, Shubham Chaudhuri, in the statement, explained:
“Closing the gender gaps in economic empowerment by ensuring girls have access to education and skills is key for Nigeria’s development and economic prosperity.
“Nigeria’s working population will soon be one of the youngest and largest around the world, which means that investing in adolescent girls is imperative when addressing overall economic prospects and growth.”
The statement also noted that aside from the girls that would benefit from the financing, others included over 15 million students and beneficiaries, such as teachers, administrators, families, communities, and staff in existing and newly constructed schools.
Nigeria successfully repays China, the World Bank, and others a $1.17bn loan, still owing
Meanwhile, in another report, Legit.ng revealed that the federal government paid $1.17 billion to service foreign debt commitments in the first half of 2023.
This was revealed in the Export and International Payment data released by the Central Bank of Nigeria (CBN).
Legit.ng earlier reported that the Nigerian government spent over 85% of its revenue servicing debt in February 2023.