President Tinubu
By Amah
Kindly share:
The World Bank is expected to meet on Friday (today) to to take a decision on a $500 million loan application by Nigeria, according to information obtained from the Washington-based institution on Thursday.
The loan, which is coming under the Rural Access and Agricultural Marketing Project – Scale Up, is geared towards boosting rural access and agricultural marketing in the country.
“While the eligibility for state participation under RAAMP required the drafting and placement of Road Fund and Roads Agency bills in the State house of assemblies, the new project would require the states to have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provision for administrative costs made in the state budget. In addition, RARAs offer an opportunity to foster women’s representation in the transport sector,” the document read.
It would be the 10th loan project from the institution under the administration of President Bola Ahmed Tinubu, which had already secured loans worth $6.45 billion from the World Bank in 16 months so far.
This means that the loan amount would increase, following the recent approvals of three new loans totalling $1.57 billion from the World Bank for various projects in Nigeria.
