The Federal Government of Nigeria has secured a $500 million concessional loan from the International Development Association (IDA), the World Bank’s low-interest arm, to enhance the nation’s health sector. This loan is part of a broader $1.57 billion financing package approved by the World Bank to bolster Nigeria’s health, education, and power sectors.
The $500 million allocation aims to address governance challenges that hinder effective delivery of education and health services. Specifically, it seeks to improve workforce planning, recruitment, deployment, and performance management of basic education teachers and primary healthcare workers. The initiative also plans to adopt systems like the Bank Verification Number (BVN) and National Identity Numbers (NIN) platforms to curb payroll fraud, alongside implementing biometric check-ins and community monitoring to enhance accountability.
The loan agreement stipulates a repayment period spanning 25 years, commencing from 2029 and concluding in 2054. This extended tenure reflects the concessional nature of the loan, designed to provide favorable terms to support critical developmental projects in Nigeria.
The HOPE Governance Program, under which this loan falls, is scheduled to run from 2024 to 2028, providing support for systemic reforms at both the state and federal levels, focusing on cross-sectoral issues such as financial resource allocation, public financial management, fiscal transparency, and accountability.
This funding underscores the World Bank’s commitment to supporting Nigeria’s efforts in strengthening its healthcare infrastructure and improving service delivery to its citizens.
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