The Federal Government is discussing with the World Bank the possibility of securing a $500m loan to support basic education.
This is according to the Programme Information Document for the loan project obtained by PUNCH on Friday.
The loan is part of the World Bank’s HOPE for Quality Basic Education for All initiative, which aims to improve learning outcomes and address the challenges of out-of-school children.
Expected to receive formal approval by March 2025, the project is a key component of Nigeria’s efforts to reform its struggling education sector.
The PID revealed that the total cost of the operation is $554m. The World Bank will cover $500m, while the remaining $54m will be sourced from the Global Partnership for Education grant.
The document read, “The HOPE-Education operation will be financed by a World Bank IDA credit of $500m and a GPE grant of $54m. The bank has been selected as one of two grant agents (along with UNICEF that will manage the other $54m) for implementing the System Transformation Grant of $107.59m; programme design, oversight, and TA for implementation support will be aligned across both agents.”
