Nigeria’s federal government has acquired an additional ₦2.6 trillion ($1.57bn) loan from the World Bank Group.
World Bank disclosed this in a statement on Monday, stating that the loan is subject to helping the country finance basic education and primary healthcare delivery.
The new financing includes $500 million for addressing governance issues that constrain education and health delivery, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,” the bank said.
The new loan, as approved on September 26, 2024, adds to the $2.25 billion loan acquired last June to back President Bola Tinubu’s economic policies, adding to the country’s debt profile, which stood at ₦121.67 trillion as of March 2024 according to the Debt Management Office.
This indicates that Nigeria’s growing external debt is rapidly increasing. Yet, there is a widening shortage of public infrastructures like roads, bridges, schools, and other basic social amenities that make an economy function.
A recurring event of infrastructure shortage or failure due to lack of maintenance is the recent flooding in Borno State due to the dam burst.
Meanwhile, more floods are expected in Nigeria as authorities warned of impending floods from the Lagdo dam in Cameroon.
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