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Oyo, 16 other states get World Bank’s N220 billion loan
The Federal Govt has secured N220 billion loan from the World Bank to tackle the challenges of out-of-school children and strengthen basic education in 17 states.
Minister of State for Education Chukwuemeka Nwajiuba, broke the news at the weekend during the launch of the programme in Yola, the Adamawa state capital. he listed the 13 states in the Northwest and Northeast, Niger, Oyo, Ebonyi and Rivers as the benefitting states.
He said the facility will be used for the implementation of the Better Education Service Delivery for All (BESDA) programme in the identified states.
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In a statement by the ministry’s Deputy Director, Press and Public Relations, Bem Gong, the minister said the BESDA programme has an objective to increase equitable access for out-of-school children, improve literacy and strengthen accountability at the basic education level.
On how the loans will be paid back: Gong said: “The money is going to be shared based on the endemic nature of the out-of-school children in the states. It varies from state to state.
There are requirements and processes to be taken. That is being done. The Federal Government has already completed the processes that need to be done at the federal level for that money to be released to the Federal government.
“States have their own processes also to fulfill before they can access the money. For the states, it is a grant. To the federal government it is a credit facility. The states are going to pay back that money (to the federal government) at no interest. The federal government will in turn pay an administrative cost to the World Bank.”
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