The World Bank is set to approve two new loans totaling $632 million for Nigeria today, Monday, March 31, 2025.
These funds will support key sectors such as nutrition and basic education.
According to information from the World Bank’s website, the loans include: $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project and $552 million for the HOPE for Quality Basic Education for All programme.
Both projects are currently in negotiations and are expected to receive final approval by the end of the day.
These loans are part of the World Bank’s broader initiative to assist Nigeria’s development, focusing on healthcare, education, and community resilience. The funding aims to improve child nutrition and expand access to quality education nationwide.
In addition to these loans, the World Bank recently approved a $500 million loan last Friday for the Community Action for Resilience and Economic Stimulus Programme. This programme is designed to provide financial assistance to vulnerable households and businesses.
This new approval comes amid delays in disbursing funds from a previously approved $800 million poverty alleviation loan. So far, only $315 million has been released, with further payments stalled due to fraud-related concerns.
In response, President Bola Tinubu launched a social safety net programme to distribute N25,000 to 15 million households over three months. However, the programme was later suspended due to allegations of fund mismanagement.
The suspension followed financial misappropriation reports within the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, leading to:
The removal of former minister Betta Edu over irregularities involving N585 million allocated for palliatives.
An ongoing investigation into her predecessor, Sadiya Umar-Farouq, over alleged laundering of N37.1 billion during her tenure.
As a result, the World Bank has imposed sanctions on individuals and organizations involved in fraudulent activities related to these programmes.
Reports suggest the Federal Government may secure six additional loans totaling $2.23 billion from the World Bank this year. If approved, Nigeria’s total World Bank loans over the past three years would amount to $9.25 billion.
