The World Bank has reduced the size of a planned grant to the Central Bank of Nigeria from $10.50m to $6.80m, with board consideration for the project now scheduled for March 27, according to updated project information reviewed by The PUNCH.
The funding, which remains a grant and not a loan, is for the CBN Technical Assistance Facility, a project designed to strengthen the apex bank’s technology-enabled, data-driven supervision of the banking sector and to improve oversight of domestic payment and remittance systems.
Updated information from the World Bank website indicates that the project has reached the decision meeting stage, the final internal stage before approval by the World Bank Group’s board.
This marks a clear advancement from its earlier concept review stage, when The PUNCH first reported the project in April 2025. The approval date is now listed as March 27, 2026, a shift from the earlier June 12, 2025, timeline associated with the initial $10.50m grant proposal.
The revised commitment amount of $6.80m will be financed entirely through the Finance for Development Multi-Donor Trust Fund, with no involvement of the International Development Association or the International Bank for Reconstruction and Development, confirming that the project does not add to Nigeria’s external debt.
