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States to get $750m W’Bank loan in December

The PUNCH has learned that States in Nigeria would get the first installment of a 750 million dollar World Bank loan by December 2022.Infomation Guide Nigeria

Approximately $0.5 million to $4 million would be released to Nigerian states based on specific criteria, it was revealed in the final report for State Action on Business Enabling Reforms, which is published on the World Bank website.

A Program for Results instrument under the State Action on Business Enabling Reforms provided the new loan.

The initiative would run from 2023 to 2025, according to the World Bank. It will be based on the Council for a Presidentially Enabling Business Environment.

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The report read in part, “This proposed $750m lending operation will last from 2023-2025 and consists of: (1) a $730m performance-based financing component for state governments, which will be implemented as a Program-for-Results; and (2) a $20m Technical Assistance component which will be implemented as Investment Project Financing to support implementation and capacity building.”

The report noted, “Achievement of each prior result will result in indicative disbursement of an allocation of $0.5m to $4m (for select stretch targets).”

When announcing the programme in August, Vice President, Yemi Osinbajo, had said that the kind of business environment Nigeria required for significant economic growth could only be achieved through hard work at the sub-national level.Jamb Result

He said, “For all who are charged with responsibilities at the state level, you have your work cut out for you.

“If we are going to have the kind of business environment that our country deserves and that can make a difference for our economy, it is the hard work at the sub-national level that would really move the needle.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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