The Federal Government has secured a $500 million loan from the World Bank to finance the Human Capital Opportunities for Prosperity and Equity (HOPE) project, aimed at transforming education and healthcare services nationwide.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, disclosed this during a meeting with the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig. He highlighted that the loan would enhance funding for basic education and primary healthcare, ensuring efficiency and accountability in these sectors.
The initiative will also support better recruitment and deployment of teachers, while bolstering transparency and performance management. Senator Bagudu affirmed that the Nigerian Constitution permits government spending for up to six months without an approved budget, providing a framework for the efficient allocation of resources.
Acknowledging economic challenges arising from fuel subsidy removal, foreign exchange adjustments, and electricity reforms, the Minister reiterated the government’s commitment to economic recovery and development. He called on international partners to assist in mobilizing resources to facilitate sustainable growth.
IMF Mission Chief Schimmelpfennig expressed the Fund’s support for Nigeria’s fiscal reforms, particularly in tax policy, which aims to increase revenue and expand investments in public services. His visit focused on evaluating Nigeria’s budgeting process, including the simultaneous implementation of the 2023 and 2024 budgets alongside supplementary allocations.
Dr. Vitalis Emeka Obi, Permanent Secretary of the Ministry, noted that efforts were underway to align national development planning and budgeting to drive sustained progress. He projected significant investments and accelerated growth in 2025, particularly in critical sectors like education and healthcare.
With this loan and ongoing reforms, Nigeria aims to address longstanding challenges in public service delivery, paving the way for equitable development and improved living standards for its citizens.
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