The Federal Government has obtained $751.88m out of the recently approved $1.5bn loan by the World Bank
The loan under the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project was disbursed on June 28, 2024, documents from the global financial institution.
This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations.
The $1.5bn loan comprises two separate agreements between Nigeria and the World Bank: An International Development Association credit of $750m, and an International Bank for Reconstruction and Development loan of $750m.
The amount disbursed includes the entire $750m from the IDA loan and $1.88m from the IBRD of the World Bank, with an undisbursed balance of $748.13m.
It also had fee charges of $1.88m.
The proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilisation and recovery priorities.
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What are they doing with all the money sef