It is a lot of money to show for as $774.99 million landed in Nigeria from the World Bank.

It is a lot of money to show for as $774.99 million landed in Nigeria from the World Bank.

Nigeria, according to reports, has recently secured an additional $774.99 million from the World Bank, which represents only 16% of the total loan approved under President Bola Tinubu’s administration, as new data indicates.

As of July 31, 2024, the World Bank has disbursed this amount for various initiatives focused on economic stabilization, infrastructure enhancement, and social welfare, while a total of $4.95 billion has been approved, with $4.16 billion still pending disbursement.

The initial project approved during Tinubu’s tenure, aimed at power sector recovery, has received just $1.12 million of its $750 million allocation, highlighting that many loans are contingent upon meeting specific criteria to ensure effective utilization and project success.

The Debt Management Office (DMO) has announced that as of March 31, 2024, Nigeria’s total debt to the World Bank stands at $15.59 billion, marking the highest level of indebtedness to the institution in the nation’s history.

This debt comprises both loans and grants, which are allocated to support a range of projects across the country.

Reports indicate that Nigeria is dedicated to ensuring timely and complete repayment of this debt.