₦airaland Forum

In a bid to tackle pressing economic challenges, Nigeria has secured a $500 million loan from the World Bank to support its Community Action for Resilience and Economic Stimulus Program. [/b]The approval, confirmed on March 28, 2025, is expected to provide critical relief to vulnerable households and small businesses grappling with inflation, food insecurity, and economic instability.

The initiative, which focuses on grassroots-level interventions, aims to strengthen community resilience by delivering targeted grants and livelihood support to low-income families and firms. [b]It also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.

According to the World Bank, the program represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy. By channeling resources directly to underserved communities, the project hopes to alleviate the burden of rising living costs while fostering sustainable growth.

The 500 million loan is not the only financial commitment Nigeria anticipates this week. Two additional funding packages are in the pipeline, awaiting final approval. One of the loans, valued at 80 million, will focus on accelerating nutrition outcomes across the country.

The second, worth approximately $552 million, is designed to enhance access to quality basic education nationwide. Both projects are scheduled for final clearance on March 31, 2025.

These loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, particularly in areas such as healthcare, education, and poverty alleviation. The institution has emphasized the importance of implementing these programs efficiently to ensure maximum impact.

While the loans aim to address urgent socio-economic needs, Nigeria’s rising debt profile has raised concerns among stakeholders. Under President Bola Tinubu’s leadership, the country has received approvals for 11 World Bank projects totaling 7.45 billion in less than two years. However, data from the Debt Management Office (DMO) reveal that only 774.99 million (about 16% of the approved amount) had been disbursed as of July 31, 2024.

This slow pace of disbursement has sparked debates about the efficiency of project execution and fund utilization. Currently, Nigeria owes the World Bank 17.32 billion, with 16.84 billion owed to the International Development Association (IDA), representing 39.14% of the nation’s total external debt. Another $485.08 million is owed to the International Bank for Reconstruction and Development (IBRD), accounting for 1.13% of external obligations.

Experts warn that without improved transparency and accountability in managing these funds, the intended benefits may not materialize. They urge the government to prioritize timely implementation and ensure that borrowed resources translate into tangible improvements for Nigerians.

As the country navigates its economic recovery efforts, the success of these initiatives will depend heavily on effective planning, coordination, and execution. For now, all eyes remain on how these new loans will be utilized to deliver lasting change.

PresidObi:


Anyone who's surprised about this borrowing spree is supposed to be flogged. As if we didn't know that the only things they will do is to borrow and borrow, no new innovation and zero productivity. They will only borrow to loot.

When I ask them where the money they said they saved from subsidy is now, I will become ipombs, omo ibo, Peter Obi lover, Obidient and hater of agbado.

Let's keep going low, one day we will look around for people like Peter Obi and his followers and see none, because we would have upgraded our hustle while those hoping that corruption will save them from drowning in poverty would have drowned in poverty.

RepoMan007:
Economic resilience = Naira subsidy + useless expenses.

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

saddler:
Another borrowed money to be used in backing up the naira so that APC and her zombies will have something in the coming weeks to hyperventilate about.

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

handsomeyinka:
May God help us

ManirBK:
Aug 28, 2023
The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

ValarDoharis:
Where is the money saved from subsidy?

obi4eze:
This one go enter voicemail under this wicked, terrible APC.