The World Bank is expected to approve a $500 million loan to Nigeria on Friday, marking the 10th loan under President Bola Ahmed Tinubu's administration.
This financial support is part of the Rural Access and Agricultural Marketing Project - Scale Up, aimed at enhancing rural infrastructure and agricultural marketing across the country.
According to information obtained from the Washington-based institution, the loan is designed to bridge the gap between rural communities and larger marketplaces, thereby boosting economic opportunities.
A key requirement for states to participate in this project is the establishment of a fully functional Roads Fund and Roads Agency, complete with appointed boards, staff, and budgetary provisions for administrative costs.
"This initiative offers an opportunity to foster women's representation in the transport sector," noted a document from the World Bank, highlighting the project's broader social impact.
If approved, this will bring the total amount of loans secured by the Federal Government under President Tinubu to $6.45 billion over the past 16 months. However, the increasing debt profile of Nigeria, which stands at N134.3 trillion, has raised concerns among economists and former leaders alike.
Former President Olusegun Obasanjo has previously warned that the rising debt poses challenges for future generations. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, echoed these sentiments, emphasizing the need for sustainable debt management amid the country's infrastructural deficits.
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