₦airaland Forum

The Federal Government is currently in advanced discussions with the World Bank to secure an additional $65m for the Sustainable Procurement, Environmental, and Social Standards Enhancement Project, according to findings by Sunday PUNCH.

This financing boost will raise the total project funding to $145m if approved, and is expected to be finalised by June 30, 2025. Based on information obtained from the website of the Washington-based lender, the World Bank approved an initial loan of $80m for the SPESSE project in February 2020, aimed at reforming Nigeria’s procurement processes and enhancing compliance with environmental and social standards.

On the project’s objective, a document obtained from the bank by Sunday PUNCH on Friday, “The project development objective is to develop sustainable capacity in managing procurement, environment, and social standards in the public and private sectors.”

However, following recent developments, the World Bank has agreed to increase the financing to $65m, bringing the total commitment to $145m. On the additional financing, the document read, “The AF will maintain the PDO of the parent project without any change. The project development objective is to develop sustainable capacity in managing procurement, environment, and social standards in the public and private sectors.”


The project, which became effective in March 2021, has already made significant strides in improving Nigeria’s public procurement systems, addressing inefficiencies and corruption, and fostering greater compliance with environmental and social standards.

With over 33,000 participants already trained in procurement and E&S practices, the initiative has played a crucial role in modernising Nigeria’s procurement framework.

The proposed $65m additional financing will help expand these efforts, particularly through the establishment of the Electronic Government Procurement system, which is expected to improve transparency, reduce procurement delays, and ensure more efficient use of public funds.

The e-GP system will also promote inclusive procurement, benefiting small and medium-sized enterprises, including women-led businesses. Alongside the e-GP system, the project will focus on strengthening Nigeria’s environmental and social safeguards.


The additional funds will also be used to scale up certification programmes aimed at developing a new generation of procurement professionals across Nigeria’s public sector, which remains a key challenge for the country.

A demand survey has revealed that over 25,000 government staff still require training in procurement and social standards. The World Bank’s financing for the SPESSE project is crucial for institutionalising procurement practices in Nigeria, ensuring that systems remain transparent and efficient.

This is especially important as the country grapples with ongoing economic challenges, including rising poverty and fiscal inefficiency. The $65m financing increase is set to further accelerate the implementation of the project, helping to meet the growing demand for sustainable procurement practices and the professionalisation of the workforce.

The final approval of the additional loan is expected to take place by June 30, 2025. “The parent credit will be closed on June 30, 2026, without any extension; however, the AF is proposed to be closed on June 30, 2029,” the World Bank document noted.

Data from the Debt Management Office showed that Nigeria’s total debt to the World Bank increased by $2.36bn in 2024. This pushed the country’s total debt to the World Bank — which includes borrowings from the International Development Association and the International Bank for Reconstruction and Development — from $15.45bn in 2023 to $17.81bn as of December 2024.

Sunday PUNCH observed that debt to the IDA rose from $14.96bn to $16.56bn, while loans from the IBRD climbed significantly from $485.54m to $1.24bn. By the end of 2024, Nigeria’s total external debt stood at $45.78bn, with the World Bank’s share of $17.81bn accounting for 38.9 per cent of that figure, up from 36.4 per cent a year earlier.


Within the multilateral category, the World Bank now represents 79.8 per cent of Nigeria’s total multilateral debt, which stood at $22.32bn at the end of 2024.

Source: https://punchng.com/Nigeria-negotiates-$65m-extra-procurement-loan-with-WBank

They borrow every day these days..
Looks like the APC has a solid agreement with the World Bank to borrow Nigeria into oblivion.

Borrowing is not the problem but the transparency of what they do with the money

adenigga:
Source: https://punchng.com/Nigeria-negotiates-$65m-extra-procurement-loan-with-WBank

Tinubu on the beat. Taking loans from every Lapo and World Bank. By the time he's through in 2031, I'm sure we'd be in the GWR for taking the highest number and value of loans.

APC... Shame
APC... Shame
APC... Shame

helinues:
Borrowing is not the problem but the transparency of what they do with the money

But that's exactly what makes Borrowing a problem.

More loans and no visible effect of what the money has been used for.

Complaints to or against APC must be sent privately. Please don't disobey, disrespect, or defame them.

No wonder white countries are so wealthy they give out the loans to corrupt Africa regimes and sit back and collect the interests. If u default they force ur central bank to devalue ur currency to give them their money to the detriment of your people. Simple

Tinubu will buy 12 million votes at 1million naira each in next election and he won't even go broke.

Chai! 😂🤣😁... It's another one! 👎👎👎👎
The notorious, AVARICIOUS, insatiable, self serving crackhead at aso has only come to STEAL, KILL AND DESTROY 👎👎👎👎👎👎😎😎😎

... The sheeeeeeet.hole 🇳🇬 will be finally auctioned on jiji unless Escobat is urgently checkmated 😜😜😜

The only Breaking News in Nigeria is that people are decamping to the APC, the Federal Government, to borrow loans, killing innocent Nigerians by insurgency, and making empty promises to rebrand Nigeria's economy.

They’re still borrowing. The ones they borrowed people are still complaining and they don’t care. They will continue doing that because her citizens are weak

helinues:
Borrowing is not the problem but the transparency of what they do with the money

What transparency has been done with the higher borrowing of the A-looter Propaganda Conmen, APC since ebilokan made his expired soldier replace Jonathan a decade ago?

What is ebilokan and Buhari doing with all the subsidy savings since 2016, if they are still borrowing money and the economy is getting worse with inflation, unemployment, underemployment etc?

Are they just stealing the money to bribe politicians to retain power? Or what else are they doing to the money?

gabydaniels:
The Vice President, Professor Yemi Osinbajo, has disclosed that the federal government has so far saved the sum of N1.4 trillion for not paying oil subsidy.

He also assured Nigerians that very soon, the foreign exchange market would stabilise going by some radical policies already introduced by the Central Bank of Nigeria (CBN).

The vice president who spoke in Kano yesterday during the third day of the 15th Joint Planning Board and National Council on Development meeting, urged Nigerians to restore confidence in President Muhammadu Buhari’s administration, insisting that soonest, the current economic problems would become a thing of the past.

“With the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone,” he said.

http://www.thisdaylive.com/index.php/2016/08/26/osinbajo-we-have-saved-n1-4tn-by-not-paying-fuel-subsidy/

cjudy:
They’re still borrowing. The ones they borrowed people are still complaining and they don’t care. They will continue doing that because her citizens are weak

......Most citizens rather are ignorant and naive....large populations will still go ahead and vote APC...

It's normal to borrow!

Let us borrow for meaningful development!

65mill$ nowaho only one person no get that money for nigeria?

The federal government should reprioritize their borrowing plan to fall in line with the necessity and good ethics of borrowing.

Nigerians should take d fight to d countries that borrow them d loans

helinues:
Borrowing is not the problem but the transparency of what they do with the money

Borrow left
Borrow right
Borrow down
Borrow up!

it is APC vs Nigerians in 2027

Na so na so. This is the only reason tinunu contested for presidency.


He said it's his turn; his turn to plunder and loot Nigeria

IMF and World Bank have created more problems while trying to solve an existing one. Their loans should be restructured in a way that the borrower shows them areas they want to invest the money and they will do the investment themselves.

That's why Chinese loans are the best - they deliver the infrastructure, instead of giving thieves the money to squander.

I hear say them pay back some IMF loan....so what's the significance with more borrowings

They told you they removed subsidy they will have surplus. APC and BAT are cancers.

helinues:
Borrowing is not the problem but the transparency of what they do with the money

Acting like you don't know what they will use the money for is an act of self-deception.

adenigga:
Source: https://punchng.com/Nigeria-negotiates-$65m-extra-procurement-loan-with-WBank

Who trained who? When was the 33,000 people trained and the entire country didn’t know or hear about it E je ka rora ma puro ooo

Nawaaoo!. Una dey see this bad market called APC. They should be warned. Who is going to pay back all this borrowing. This is getting crazy. APC decides to punish, and leave Nigerians in perpetual agony. APC must be stopped.

helinues:
Borrowing is not the problem but the transparency of what they do with the money

am glad you made that observation.

the World Bank approved an initial loan of $80m for the SPESSE project in February 2020, aimed at reforming Nigeria’s procurement processes and enhancing compliance with environmental and social standards.

why does Nigeria need $80m to "reform" Nigeria's procurement processes and enhancing compliance with environmental and social standards?

EpicDude123:
APC... Shame
APC... Shame
APC... Shame

Shame for what biko
We need money. We borrowed money. So what is the shame there

At least they should borrow one block and share to all Nigerians via BVN or NIN or whatever. Times are hard and their borrowing doesn't to improve anything.

The loan should be cancelled.
All these foreign loans should stop.
It appears as if there are a few people in the federal government and the lending institution who get commissions from these loans.
When the federal government takes external loans, they indirectly take money from the general Nigerian population through naira devaluation, and excessive inflation.

T I N U B U, Yet CBN keeps claiming our foreign reserve is in Million abi billion dollars. Una well done.