The Nigerian government has formally approached the World Bank for a deadline extension of a substantial $500 million loan initially earmarked for COVID-19 response efforts.

This request underscores the country’s ongoing commitment to fully utilize the funds towards pandemic preparedness and response, aiming for an extension from a revised deadline of February 29, 2024, to June 30, 2024.

A document from the World Bank elucidates the rationale behind this move, highlighting the significant progress Nigeria has made in its COVID-19 response, particularly in surpassing the ambitious target of 70% vaccination coverage among the eligible population.

Central to this extension appeal is the need for adequate time to wrap up the project’s implementation phase and ensure its orderly conclusion.

The formal request for this extension, detailed in a government letter referenced F11373/S.34/C/4028/VOL.1/126 dated October 27, 2023, and received on November 1, 2023, proposes a four-month prolongation to accommodate the comprehensive wrap-up of project activities.

The World Bank document noted:

“A four-month extension of the project closing date and associated credits from February 29, 2024, to June 30, 2024, is proposed to allow sufficient time to roundup implementation and properly close the project.”

About the Project Loans
Initiated with the World Bank Board of Executive Directors’ approval on August 6, 2020, and becoming effective on March 15, 2021, the Nigeria COVID-19 Preparedness and Response Project was designed to bolster the country’s capacity to prevent, detect, and respond to the COVID-19 threat at the state level.

Funded through an International Development Association (IDA) credit of approximately $100 million and a Pandemic Emergency Financing (PEF) facility grant of $14.28 million, the project aimed to enhance Nigeria’s strategic and operational readiness against the pandemic.

An additional $400 million was later approved to support the acquisition and deployment of COVID-19 vaccines, emphasizing the project’s dual focus on emergency response and sustained management, coordination, and monitoring of the evolving situation.

The document read:

“The Nigeria COVID-19 Preparedness and Response Project (“the Project”) was approved by the World Bank Board of Executive Directors on August 6, 2020, and became effective on March 15, 2021. The parent project was funded by an International Development Association (IDA) credit in the amount of XDR 72,700,000 equivalent to US$100 million and a Pandemic Emergency Financing (PEF) facility grant of US$14.28 million (Grant No. TF0B3550), prepared under the Strategic Preparedness and Response Program (SPRP).

“An additional financing in the amount of XDR 280,900,000 equivalent to US$400 million was approved by the World Bank Board of Executive Directors on September 30, 2021, to support both the acquisition and deployment of COVID-19 vaccines.”

Project Performance Status
The project’s progress towards its development objectives has been assessed as Moderately Satisfactory, with significant achievements in key areas, including surpassing the target for COVID-19 vaccination coverage among adults aged 18 years and older, achieving 71.62% as of December 31, 2023.

This accomplishment reflects a broader vaccination effort, reaching 37.5% of the general population and closely aligning with the project’s overall target.

The document read:

“Progress towards achieving the Project Development Objective (PDO) was rated Moderately Satisfactory in the last Implementation Status and Results Report (October 2023). As of the last reporting period, 3 of the 6 PDO indicators have been fully met or surpassed and a fourth indicator measuring COVID-19 vaccination coverage among the population is nearly met.

“The remaining two PDO indicators have dropped off slightly from the previous reporting period, reflecting the relaxation of the acute phase of the response. At the same time, the country has achieved 71.62% of COVID-19 vaccination coverage of individuals aged 18 years and older as of December 31, 2023, surpassing its 70% target. This equates to an overall vaccination rate of 37.5% of the general population approximating the project target of 38 percent.

“As of September 29, 2023, the country recorded 267,146 confirmed cases of COVID-19, and 3,155 deaths in 36 states and the Federal Capital Territory (FCT). Overall Implementation progress is also rated Moderately Satisfactory.”

Despite existing challenges, the project has recorded notable successes, including the management of confirmed COVID-19 cases and fatalities across the country.

Both procurement and financial management aspects of the project have been operating effectively, with moderate risk levels and satisfactory overall implementation progress.

https://www.google.com/amp/s/nairametrics.com/2024/03/02/nigeria-seeks-closing-date-extension-for-500-million-covid-19-loans-from-world-bank/%3famp=1

H

COVID money wey dem chop. Preparedness ko, round up ni. No be only extension.

Same money that was diverted into various private bank accounts across the country? Sinking country. Young people who still have sanity left in them should work hard to leave this hell under the supervision of a drug criminal.

Thieving bastards !!

I pray that the world bank refuses !!

When the Bible says "the devil came to steal, kill and destroy", Nigerians were imagining one monster-like creature who is always on black and red regalia with two horns, a tail, and a rod with three crowns (all thanks to Nollywood), not knowing it was our politicians it was referring to...

Covid-19

The virus really shook the world both positively and negatively (RIP to the ones we lost )

2020 is a year never to be forgotten. That year revolutionised the work environment and digital space.

It brought about increased Work-From-Home, skit making, content creation, Podcast, etc.

Honestly, it brought more good.

Another one 😁

Dear Emi, I know that my generation will not be able to pay these loans you're taking from everyone but on your mandate I shall stand firmly.

I'm learning little by little these baby steps of pain you're talking about and I hope that in 2027 I'd already be walking as a full adult in pains.

Love Elchapo

You mean Buhari borrowed $500million for Covid 19. Hmmm.

Money wey them take cash out. Rubbish

We are in deep shit

Got a loan from world bank but our useless politicians and eleribu ex darling daddy president looted the money blindly without nothing to show for it….

No extend am o

Ask those ŵerey wetin dem use the money do

Nothing is left

These white fellas are aware of how corrupt Nigerian politicians are, yet they continue to grant them loans they know will be siphoned, just because them wan keep us trapped in perpetual debt.

After you go see them shouting about corruption in Africa like say no be them dey fan am.

O ti lo.

So unfortunate that Tinubu has to suffer for Buhari's ineptitude

Loan that common Nigerians never benefited from! Nigerians will now have to pay the loan that our thieving politicians embezzled and shared among themselves. Omo, we never wise up for this country..

World bank is encouraging corruption in Nigeria. You clearly know 90% of the money will end up in Nigerian politicians personal accounts, you know very well Nigeria have no means of paying you back, you went ahead and loan $500m to Nigeria government. Money less than 5k Nigerians benefited from.

From date extension, next thing will be seeking loan forgiveness.

If you need your loan badly, let us Nigerian youth know... We will bundle the presidency and all the states governors and dash them to you, you can sell them all to recover your money.

Debt everyone

It's alright.

Souls for sale, "Thy Merchants(that sold you) are Great Men(Politicians, Pastors, Scientists, etc) of this World." I still wonder why after watching the vital Video of where the Vaccine mongering man said Billions of Africans need to be eliminated and the 2nd video that was quickly eliminated where he said his vaksin would help stop Islamic fundamentalists because it would eliminate the part of the Brain that makes Humans feel incomplete when they don't Worship their CREATOR. Yet People are still submittimg their personal Body(Temple of SPIRIT of our CREATOR) for breaching. The Scripture never said the People would be told the Truth on the mark, Scripture says the Anti-Christ shall Deceive the World to take it. Don't lose your ImmortalAbility(it's the Light of thy Lamp). The bgates of Hell shall not Prevail against the Spiritually Aligned Church (Not Physical Building or Denomination but those People that have vowed that they would rather die than allow anything or Being to come between them and their CREATOR.

Chai..


Na the chaff remain.


Sir Boubou & co don vandalize the whole thing already.

His cronies are already FAt and built houses on the money.

Grab it and keep it running

R

At the time the loan was issued, the news reports probably said the World Bank was "funding Covid-19 response efforts".

Buhari borrow borrow with nothing to show for it.
Now South East will pay for the loan that they can't explain how it was utilised

This is no loan ,how can they say it’s a loan for a virus that was created by people playing with biological weapons in wuhan and USA cdc .

We are supposed to sue them for allowing the virus get to Nigeria.

They should go to Daura and hold Buhari responsible for those debts

More than 200 countries have benefited from this loan Nigerian own they never sign the second batch lolz

World Bank na sure client.

Nigeria politicians dancing buga when the money enters


I sell electrical materials

Contact on my signature