Skip to main content

Nigeria accepts $3.45 billion World Bank loan for development projects

Wale Edun revealed that the Nigerian government would proceed to accept the $3.5 billion loan, which comes with a zero-interest rate.

The Federal Executive Council (FEC) under President Bola Tinubu's leadership has approved a hefty $3.45 billion loan. The decision was made during a FEC meeting held on Monday, October 23, 2023.

Speaking to the press after the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the Nigerian government would proceed to accept the $3.5 billion loan, which comes with a zero-interest rate.

The repayment period spans 40 years, with an initial 10-year moratorium, making the payments scheduled to commence from 2033.

Edun expressed his gratitude for the unanimous approval from the FEC. He elaborated, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.”

The allocated funds are designated for a range of vital projects encompassing various sectors. These include significant ventures in the power sector, renewable energy, states’ resource mobilisation program, adolescent girls’ initiative for learning and empowerment, and a women’s empowerment project.

One of the notable projects is the adolescent girls’ initiative for learning and empowerment, which has been allocated a substantial $700 million. This program aims to equip young girls within secondary school age with essential skills, ensuring their holistic development alongside their academic achievements.

Minister of Education, Dr Tahir Mamman, highlighted the expansion of the girls’ initiative. He stated, “Initially, from seven participating states, we will now have about 11 additional states participating in this project, which will lead to the empowerment of girls between 10 to 20 right across the participating states.”

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

Okpebholo suspends A-G & LG Chair under 3 months over finance dealings

The Edo Government has announced the suspension of Samson Osagie , its Attorney-General and Commissioner for Justice, and Damian Lawani , chairman of the Local Government Service Commission. Mr Musa Ikhilor , Secretary to the State Government (SSG) announced the suspension in a statement in Benin on Thursday morning. ALSO READ: Kano Govt suspend 2 school principals for alleged absenteeism, negligence Ikhilor said the two-state top officials were suspended over allegations of “grave official and financial interactions”. Okpebholo suspends Edo Attorney-General and LG Service Commission Chairman According to him, the suspension, which takes immediate effect, is pending the conclusion of an investigation into the allegations. The SSG said; It is hereby announced for the information of the general public that Gov. Monday Okpebholo has approved the suspension from office of the Chairman of Edo Local Government Service Commission, Damian Lawani and Commissioner for Justice, Samson Os...
Post a Comment
Read more

Family Homes Funds, TETFund & Private Investors Lead National PPP Drive for Renewed Hope Student Housing Projects

The Renewed Hope Student Housing Project is a Public Private Partnership initiative of His Excellency Bola Ahmed Tinubu GCFR that is set to improve the living standards and revitalize infrastructure across Tertiary Institutions in the country with a plan to deliver 38,400 world class student hostel bed spaces across a total of 24 locations: 12 Universities, 6 Polytechnics & 6 Colleges of Education. The Renewed Hope Student Hostel Project in each of the 24 locations will boast 1,600 bed spaces, 400 ensuite rooms with study table and chairs, 4 reading rooms, common room, cafeteria & restaurants, laundromat, grocery shops, salons, public toilets etc.  Family Homes Funds Limited (FHFL), in partnership with the Federal Government of Nigeria, the Tertiary Education Trust Fund (TETFund) and Africa Plus Partners Nigeria Limited is set to deliver on Mr. President’s promise to transform student accommodation nationwide through the Public Private Partnership (PPP) Renewed Hope Stude...
Post a Comment
Read more

NYSC Mobilisation & Academic Standards – Raising quality or adding pressure on students?

On September 29, 2025, President Bola Ahmed Tinubu approved a reform linking the National Youth Service Corps (NYSC) mobilisation process to the National Policy for the Nigeria Education Repository and Databank (NERD). By invoking Sections 2(4)(4) and 16(1)(C) of the NYSC Act, Tinubu stated that no graduate, whether from a Nigerian or foreign institution, will be mobilised for or exempted from NYSC without proof of compliance with the NERD policy. In a common man's understanding, the Federal Government has announced that Nigerian students must now submit their final-year projects or thesis before they can be mobilised for the National Youth Service Corps (NYSC). This policy aims to improve academic standards, ensuring that no student skips essential academic requirements before entering the NYSC scheme . On the surface, this sounds like a laudable idea, but a deeper look reveals a different reality. In many universities, students are allowed to graduate and mobilised for NYSC  ...
Post a Comment
Read more