The Nigerian government, under Chief Ahmed Bola Tinubu, is in the process of securing a fresh $500 million loan from the World Bank to support the education sector
This is according to the Programme Information Document,PID for the loan project obtained by PUNCH on Friday.
The loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative, which aims to improve learning outcomes and address the challenges of out-of-school children.
Expected to receive formal approval by March 2025, the project is a key component of Nigeria’s efforts to reform its struggling education sector.
READ MORE:World Bank Approves $500 Million Grant For Nigeria’s Post-COVID Recovery
The PID revealed that the total cost of the operation is $554million. The World Bank will cover $500m, while the remaining $54 million will be sourced from the Global Partnership for Education grant.
The document read, “The HOPE-Education operation will be financed by a World Bank IDA credit of $500m and a GPE grant of $54 million.The bank has been selected as one of two grant agents (along with UNICEF that will manage the other $54 million) for implementing the System Transformation Grant of $107.59m; programme design, oversight, and TA for implementation support will be aligned across both agents.”
Meanwhile, if this development is approved,it will make it the third time the global apex bank is approving such huge sum of money in the month of October.
On October 4, World Bank approved $500 million loan for climate change project in Nigeria.
Additionally, on October 16, the apex bank approved a sum of N500 million naira grant for post COVID recovery.
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