The World Bank has granted Nigeria a $1.5 billion loan to support the country’s removal of fuel subsidies and critical tax reforms.
This marks the fastest disbursement ever received by Nigeria under the World Bank’s Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative.
This marks the fastest disbursement ever received by Nigeria under the World Bank’s Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative.
MUKTV reported earlier that the loan, approved on June 13, 2024, and disbursed in two tranches, aims to address key social issues, including the challenges internally displaced persons (IDPs) face in education, nutrition, and health.
The second tranche, received in November 2024, was contingent on Nigeria meeting specific reform conditions set by the World Bank.
One of the major projects funded by this loan is the “Solutions for the Internally Displaced and Host Communities Project,” which is set to receive $300 million.
This project, scheduled for approval in April 2025, aims to improve educational access and address nutrition challenges among IDPs.
The “HOPE for Quality Basic Education for All” project seeks $553.8 million and targets improving education in underserved communities. Expected to be approved by March 2025, it promises to enhance educational opportunities for the most vulnerable populations.
The largest project, the “Accelerating Nutrition Results in Nigeria 2.0” initiative, has a proposed funding of $800 million.
This project, which aims to tackle malnutrition, is expected to receive approval on February 20, 2025.
The loan will provide much-needed support to IDPs and improve access to education and healthcare.
“This financing will strengthen Nigeria’s nutritional outcomes, especially for vulnerable populations,” a government statement read.
