By Jemimah Wellington, JKNewsMedia Reporter
THE PRESIDENCY has announced that Nigeria secures a $500 million loan from the World Bank to fund the Human Capital Opportunities for Prosperity and Equity (HOPE) project.
The government says this initiative will strengthen basic education and primary healthcare in various states across the country.
Sen. Abubakar Atiku Bagudu, the Honourable Minister of Budget and Economic Planning, revealed the loan during a meeting with the IMF Mission Chief for Nigeria, Mr. Axel Schimmelpfennig.
The loan, government says, will enhance financing for education and health sectors, with a focus on improving transparency, accountability, and performance management.
It will also address teacher recruitment and deployment challenges.
Bagudu emphasised that the Nigerian Constitution guides the national budget process, ensuring that government expenditure follows set procedures.
He also explained that the reforms under President Bola Tinubu’s administration are crucial to Nigeria’s economic recovery, despite challenges like fuel subsidy removal and fluctuating foreign exchange.
Bagudu urged the IMF to continue supporting Nigeria, particularly in resource mobilisation. Schimmelpfennig commended Nigeria’s tax reforms and assured the IMF’s ongoing support.
Dr. Vitalis Emeka Obi, Permanent Secretary of the Ministry, added that 2025 would see rapid investment in Nigeria’s economy.
