Tinubu govt borrowed $6.45bn from W’Bank – Report

Oct. 10, 2024 - Punch Newspapers

The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months.

A cursory look showed that the lender approved 15 loan requests worth $6.36bn in 2020.

Recall that on June 13, the World Bank announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations. Already, the international lender has received $751.

88m of the $1.5bn under the Nigeria Reforms for Economic Stabilisation to Enable Transformation.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted...