Nigeria don collect again from World Bank: “The World Bank has approved three significant projects for Nigeria, providing a total of $1.57 billion in financing. This latest funding, announced in a statement by World Bank Nigeria on Monday, September 26, 2024, is aimed at addressing challenges in education, healthcare, and climate resilience while enhancing critical infrastructure for irrigation and dam safety.”
With this, one can posit that recent reforms could not generate the revenue needed to deal with some of these sundry issues. Recall that when the floating of Naira was announced, the plan was to save $billions. And when the petrol subsidies followed, more $billions were to follow on the saving column. So, for the government to take this path, it does mean that the modeled revenue expectation did not come as planned.
If that is the case, the government needs to re-evaluate its model, to see if in the mid-term, there could be a reversal, or if this will be a hopeless expectation, even in the long-term for these policy anchors.
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As always, debt is not necessarily bad in business or nation building. The real issue is what you are borrowing for. I preach borrowing to build capacity to produce tomorrow, and not to consume. Good luck, Nigeria.
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