News

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.

Read Also: FG declares capacity to test sample

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.”

Ayanfeoluwa Akintoye

Ayanfeoluwa Akintoye is a reporter, News writer and Editor

Share
Published by
Ayanfeoluwa Akintoye

Recent Posts

BREAKING: Price Of Petrol Reduces At NNPCL Stations – See New Price

NNPCL reduces petrol price to ₦965 in Abuja. Independent marketers maintain higher prices, ranging from…

1 hour ago

Nigerian Govt Declares Public Holidays For Christmas, New Year

The Federal Government has declared Wednesday, Thursday and Jan.1, 2025 as public holidays. This was…

3 hours ago

‘It’ll Boost Development’ -Matawalle Reacts To Lifting ban On Mining Activities In Zamfara

The Minister of State for Defence, Bello Matawalle, says the lifting of ban on mining…

4 hours ago