Revealed! World Bank grants $1.13 billion loan to Nigeria

• Nigeria's indebtedness petition of $1.13 cardinal has been approved, according to the World Bank report
• Three backing requests were approved for prime education, household and assemblage resilience, and nutrition
• On February 28, the national authorities said it expects to person $2.2 cardinal successful caller World Bank loans successful 2025

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The World Bank reports that Nigeria's indebtedness petition of $1.13 cardinal has been granted.

According to the World Bank, Nigeria's $1.13 cardinal indebtedness petition has been approved. Photo credit: FG
Source: Getty Images

Details connected the bank's website connected Wednesday amusement that 3 abstracted financing requests for projects aimed astatine improving nutrition, household and assemblage resilience, and prime education were accepted successful March.

According to the World Bank, connected March 31, $552 cardinal for the "HOPE for Quality Basic Education for All program" and $80 cardinal for the "Accelerating Nutrition Results successful Nigeria 2.0" task were authorized.

A $500 cardinal indebtedness for Nigeria's "Community Action for Resilience and Economic Stimulus Programme" was besides approved by the lender connected March 28, according to further checks conducted by TheCable.

The federal government announced connected February 28 that it anticipates receiving $2.2 cardinal successful caller World Bank loans in 2025.

The $2.2 cardinal is expected to beryllium distributed among six projects, nether the fiscal institution's task database based successful Washington.

In 2024, Nigeria received $1.5 cardinal from the planetary lender for respective important improvement projects aimed astatine enhancing the nation's capableness to mobilize resources and uphold economical stability.

As of September 30, 2024, Nigeria's indebtedness vulnerability from the International Development Association (IDA) of the World Bank allegedly accrued to $17.1 billion.

Nigeria continued to clasp the 3rd presumption connected the IDA's database of the apical 10 borrowers arsenic per its September 2024 fiscal statement.

Nigeria was inactive the third-largest debtor to the World Bank's IDA, contempt its vulnerability decreasing to $16.8 cardinal arsenic of December 31, 2024.

As of December 31, 2024, Nigeria's vulnerability to the World Bank's IDA had dropped to $16.8 billion, but it was remained the third-largest debtor. Photo Credit: World Bank
Source: UGC

Legit.ng had reported that the World Bank has completed the disbursement of a $1.5 cardinal loan pursuing Nigeria’s implementation of indispensable reforms, including petrol subsidy removal and taxation reforms.

This is portion of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing strategy and besides 1 of the fastest disbursements Nigeria has received, with some tranches coming successful little than six weeks.

A World Bank papers shows that the indebtedness was approved connected June 13, 2024, and the archetypal outgo was made connected July 2, 2024.

Nigeria successfully pays backmost China, India, IMF, others $560m

Legit.ng reported that In January 2024, the national authorities paid $560 cardinal to work the nation's outer debt.

Compared to the $112 cardinal paid connected indebtedness work successful January of 2023, the magnitude spent successful January was 339% greater, according to an investigation of the Central Bank of Nigeria's (CBN) Weekly International Payments.

Nigeria paid $3.5 cardinal successful 2023 arsenic repayment for its outer debt, a important emergence supra the $2.4 cardinal spent successful 2021.

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Source: Legit.ng