Nigeria Secures $500 Million World Bank Loan to Boost Education and Healthcare Services.

Written on 11/12/2024
The Nation Online

The Federal Government of Nigeria is set to access a $500 million loan from the World Bank to fund the Human Capital Opportunities for Prosperity and Equity (HOPE) project.

The initiative focuses on improving basic education and primary healthcare services nationwide.

Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, revealed the development during a meeting with IMF Mission Chief for Nigeria, Axel Schimmelpfennig, in Abuja on Tuesday.

The project aims to enhance social equity and economic opportunities across the country.



According to Senator Bagudu, the loan facility will improve financing availability and effectiveness for basic education and primary healthcare in all states of the federation. The project also seeks to enhance transparency, accountability, and performance management in these critical sectors.

Bagudu elaborated: “The fund will help improve recruitment, deployment, and performance management of teachers, thereby ensuring a stronger foundation for education. Similarly, it will bolster primary healthcare services, addressing gaps in service delivery and accountability.”

While commending the World Bank for its support, Bagudu emphasized the legal framework underpinning Nigeria’s budgeting process. He noted that Chapter 5, Part 2, Section 122 of the Nigerian Constitution allows federal and state governments to make expenditures for up to six months into a new fiscal year, pending the passage of a new budget.

He also highlighted the ongoing economic reforms initiated by the administration of President Bola Ahmed Tinubu. According to Bagudu, these reforms aim to develop and implement economic and tax policies that will ensure a more functional Public Financial Management (PFM) system.

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