Electricity sector has received at least $3.65 billion in World Bank-backed funding since 2001, yet millions of households and businesses still face unstable power supply, frequent grid collapses, and heavy reliance on generators.
FG, World Bank Restructure $500m Education Programme
The Federal Government and the World Bank have restructured the $500m HOPE for Quality Basic Education for All programme, cutting funding allocations tied to the construction of new classrooms while expanding the number of states eligible for targeted...
Nigeria has cancelled $717.7 million in undisbursed World Bank funding under the Power Sector Recovery Performance-Based Operation (PSRO), a programme designed to restore financial sustainability in the electricity sector.
World Bank Seeks $23bn Private Funding for Africa
The World Bank Group has unveiled an ambitious financial plan to mobilise about $23bn in private capital for Africa through a massive scaling up of its risk mitigation instruments over the next four years.
According to a statement...
'Nigeria Could Reject World Bank Loans Due to Delays'
The Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, has warned that Nigeria may reject loan facilities from the World Bank if delays in approval and disbursement persist, saying prolonged timelines could undermine the country’s willingness to...
The World Bank has raised concerns over weaknesses in Nigeria’s public finance management, warning that gaps in treasury operations and reporting are undermining fiscal transparency.
