Politics
Nigeria Secures $774.99M From World Bank, 16% of $4.95B Loan Approved Under President Tinubu
Nigeria Secures $774.99M From World Bank, 16% of $4.95B Loan Approved Under President Tinubu
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The Federal Government has received just 16% of the World Bank loans approved during President Bola Tinubu’s administration, according to recent data. As of July 31, 2024, only $774.99 million of the $4.95 billion approved has been disbursed.
These funds are designated for various initiatives, including economic stabilization, infrastructure development, and social welfare projects. Of the total approved amount, $4.16 billion remains to be disbursed.
The initial project under Tinubu’s administration, the Power Sector Recovery Performance-Based Operation, which was approved on June 9, 2023, has received only $1.12 million of its $750 million allocation.
It’s worth noting that several of these loans are conditional, meaning that additional disbursements depend on meeting specific criteria to ensure proper use and project success.
Additionally, as of March 31, 2024, Nigeria’s total debt to the World Bank stands at $15.59 billion, according to the Debt Management Office (DMO).
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