Tinubu secures new $300m World Bank loan to care for IDPs in the North
By Jeph Ajobaju, Chief Copy Editor
A new $300 million World Bank loan has been approved for Nigeria at the request of Bola Tinubu to care for some 7.4 million citizens in internally displaced persons (IDP) camps and their host communities buffeted by terrorists in the North.
The amount, which the World Bank disclosed in a statement was approved on August 7, is separate from the $21 billion loan the National Assembly (NASS) approved last month for the President to obtain between 2025 and 2026.
The African Democratic Congress (ADC) has warned that the quest for that $21 billion loan alone may shift Nigeria’s debt to beyond N200 trillion by the end of 2025 and “push our foreign debt ceiling to $67 billion” by 2026.
The aim of the new $300 million is said to strengthen resilience and expand access to essential services for IDPs and host communities in the North.
World Bank Country Director for Nigeria, Mathew Verghis, explained that the facility will enable the country to address challenges in caring for IDPs.
“We are glad to support this initiative, which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” he said.
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