FG Reveals Why It’s Seeking Fresh $2.5bn World Bank Loan

The Federal Government of Nigeria has disclosed its rationale for seeking a $2.5 billion loan from the World Bank, citing the need to bolster funding for critical infrastructure projects outlined in the 2024 budget. Senator Atiku Bagudu, Minister of Budget and Economic Planning, emphasized the insufficiency of the current N50 billion Presidential Infrastructure Development Fund (PIDF) to adequately finance the “Renewed Hope Transformational Projects”.

These projects encompass major initiatives such as the Lagos-Calabar Coastal Road, Sokoto-Badagry Road, railway expansions, and rehabilitation of dams and irrigation schemes aimed at boosting agricultural production.

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Bagudu shared these details during a briefing to a joint session of the Senate and House of Representatives Committees on National Planning and Economic Affairs. He underscored the pivotal role the World Bank loan would play in advancing these transformative projects, pending approval from the World Bank’s management.

The supplementary budget, currently being formulated, targets strategic sectors with substantial allocations planned for Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to enhance Nigeria’s energy competitiveness.

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Senator Yahaya Abdullahi, Chairman of the Senate Committee, acknowledged the challenges associated with amending the 2024 budget but suggested it might be more cost-effective than drafting a new appropriation bill.

The Nigerian government’s proactive approach highlights its commitment to driving economic growth through targeted investments in infrastructure and energy, aimed at fostering sustainable development and improving living standards nationwide.

Source: Daily Trust

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