Bank loan

States to secure $750m W’Bank loan in December

The PUNCH has learned that the states of Nigeria will receive the first tranche of a $750 million loan from the World Bank by December 2022.Nigeria Information Guide

About $0.$5-4 million would be disbursed to Nigerian states based on specific criteria, it was revealed in the State Action on Business Enabling Reforms final report, published on the World Bank’s website.

A Program for Results instrument under the government’s business-friendly reforms provided the new loan.

The initiative would run from 2023 to 2025, according to the World Bank. He will rely on the Council for a Presidential Business-Friendly Environment.

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The report said in part: “This proposed lending operation of $750 million will last from 2023 to 2025 and consists of: (1) a performance-based financing component of $730 million for state governments, which will be implemented as a results-based program; and (2) a $20 million technical assistance component that will be implemented as investment project financing to support implementation and capacity building.

The report notes that “achievement of each prior result will result in the indicative disbursement of an allocation of $0.5 to $4 million (for certain stretch targets).”

When announcing the program in August, Vice President Yemi Osinbajo said the kind of business environment Nigeria required for meaningful economic growth could only be achieved through hard work at the sub-national level.Result of the jamb

He said: “For anyone with state-level responsibilities, you have your work cut out for you.

“If we’re going to have the kind of business environment our country deserves that can make a difference to our economy, it’s hard work at the sub-national level that would really move the needle.

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