Breaking: World Bank approves $2.1bn loan for seven projects to boost Nigeria’s economy

macfranc007 June 29, 2018 Nigeria News today & Breaking news ▷ Read Naija news 24/7 Kess Ewubare

- The World Bank says its projects to support the Nigerian economy will cover areas like nutrition, access to electricity among others

- The financial institution states that it has extended its partnership strategy for Nigeria until June 30, 2019

A $2.1bn loan has been approved by the World Bank for the execution of seven projects aimed at supporting the federal government ’s economic growth plan.

The financial institution in a statement released on Thursday, June 28, stated that the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion.

Rachid Benmessaoud, World Bank country director for Nigeria, said the World Bank Group (WBG) had extended its partnership strategy for Nigeria until June 30, 2019.

“The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars, Rachid Benmessaoud, was quoted to have said.

“The approved projects support the implementation of the government’s growth plan.

“The World Bank Group (WBG) has extended its country partnership strategy for Nigeria until June 30, 2019. During FY2018 and FY2019, the WBG support will focus on revenue diversification and mobilization, addressing the binding constraints for attracting private financing, and improving social services delivery for building the human capital needed for inclusive economic growth, in alignment with the economic recovery and growth plan.”

The approved projects are:

State Fiscal Transparency, Accountability and Sustainability Project – $750 million

Fiscal Governance and Institutions Project – $125 million

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Nigeria Erosion and Watershed Management Project – $400 million

Nigeria Electrification Project – $350 million

Accelerating Nutrition Results in Nigeria Project – $7 million

Nigeria Polio Eradication Support Project – $150 million

Nigeria for Women Project – $100 million

Meanwhilem the Economic and Financial Crimes Commission (EFCC) on Monday, June 25, told the Federal High Court sitting in Lagos that the former minister of the Federal Capital Territory (FCT), Jumoke Akinjide, has returned N650 million she allegedly received ahead of the 2015 election.

The Nation reports that Akinjide was arraigned along with a Peoples Democratic Party (PDP) leader in Oyo state, chief Olarenwaju Otiti, a former senator representing Oyo central senatorial district, Ayo Adeseun and a former minister of petroleum resources, Diezani Alison-Madueke, who is said to be at large.

NAIJ.com gathered that the EFCC accused them of conspiring to directly take possession of N650million, which they reasonably ought to have known was part of proceeds of an unlawful act, and without going through a financial institution.

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