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Tinubu Administration Seeks Fresh $2 Billion Loan from World Bank, Raising Concerns Over National Debt.
The Federal Government has begun the process of securing a new $2 billion loan from the World Bank, raising concerns about Nigeria’s growing national debt under President Bola Tinubu’s administration.
According to documents from the World Bank, the request was submitted by Nigeria’s Ministry of Finance and is currently under concept review, the preliminary phase before negotiations and potential approval.
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If approved, this loan would increase Nigeria’s total borrowing from the World Bank to $6.95 billion since Tinubu assumed office, with $4.25 billion already secured this year alone.
The proposed $2 billion loan will be divided across four major projects aimed at boosting key sectors, including healthcare, agriculture, and infrastructure. Each project will receive $500 million in funding.
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Among the projects is the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) initiative, which aims to enhance education, healthcare, and social protection services. This project is expected to be approved by September 17, 2024.
Another project, the Nigeria Primary Healthcare Provision Strengthening Program, set for approval by September 23, 2024, will receive $500 million to improve primary healthcare infrastructure, train healthcare workers, and ensure better service delivery.
Additionally, the Sustainable Power and Irrigation for Nigeria Project will receive $500 million for power generation and irrigation, crucial for agricultural and industrial development. Approval is scheduled for September 26, 2024.
The final project, the Rural Access and Agricultural Marketing Project – Scale Up, will receive another $500 million by November 28, 2024. This project aims to improve rural infrastructure and market access for agricultural products.
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Looking ahead, a separate $300 million loan is scheduled for next year under the Solutions for the Internally Displaced and Host Communities Project, aimed at addressing challenges faced by displaced persons and host communities.
Critics have raised concerns about the growing debt burden, warning that increased borrowing could plunge Nigeria further into debt. However, the government maintains that these loans are crucial for driving sustainable development and addressing infrastructure gaps
