The federal government is set to secure a $500 million loan from the World Bank to address challenges in the country’s education and health sectors.
This was detailed in a recent “Program Information Document” for the appraisal stage of the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance Program.
The proposed loan, part of the HOPE Governance Program, aims to tackle long-standing staffing gaps and enhance the performance management of basic education teachers and primary healthcare workers.
The document indicates that the Washington-based bank may approve the loan in September 2024.
It also noted that the country would adopt National Identification Numbers (NIN) and Bank Verification Numbers (BVN) to combat payroll fraud.
“This results area will incentivize (i) the enhancement of sector and workforce planning functions, (ii) the reduction of significant staffing gaps and improved deployment and management practices for basic education and primary healthcare workers, and (iii) the adoption of new or existing systems such as the Central Bank of Nigeria’s Bank Verification Number (BVN) system and National Identification Number (NIN) platforms to check payroll fraud, implement biometric check-ins where available, enable community monitoring, performance bonuses, and automatic payroll deductions.”
Meanwhile, not a few Nigerians says such loans from the Bretton Wood, United States-based global agency are usually tied to some conditions which are not beneficial to the people.
For instance, the removal of fuel subsidy and the convergence of the foreign exchanged market by the Bola Ahmed Tinubu’s administration , which have brought untold hardship to Nigerians are believed to be part of the conditions set by the Bank for Nigeria government to qualify for more loans.
