The World Bank has committed about $8.5 billion to Nigeria to use to fund critical sectors in the country.
The bank, through its Country Director, Shubham Chadhuri stated that the fund would be channeled toward education and agriculture.
Chadhuri said that Nigeria should focus its attention on human capital development instead of using N6.7trillion to fund subsidy.
The World Bank slammed Nigeria over its continued subsidy regime which it says gulps about N6.7 trillion.
According to the Washington-based lender, petrol subsidy is taking a large chunk of the country’s resources which would have rather been channeled to other critical areas.
Shubham Chaudhuri, World Bank’s Country Director to Nigeria stated this on Thursday, August 4, 2022, in Abuja while announcing that the bank will give Nigeria about $8.5 billion to fund critical sectors ranging from agriculture to education.
According to Punch, Chaudhuri noted that the amount is little in comparison with the needs facing the country, saying that about $2.5 billion to $3 billion of the fund had been earmarked for education.
The World Bank Chief stated that half of Nigeria’s population is less than 17 years old, meaning there is a need to invest in human capital development.
Chaudhuri said that Nigeria’s future relies on the capacity of the young people to go to school, stating that it is very crucial to provide a safe school to ensure that fewer children are out of school.
The Nation quoted the Country Director as saying that it depends on Nigeria to determine how it would mobilize financial resources to allow young Nigerians to go to school or whether to channel scarce resources to subsidize petrol with over N6.7 trillion
Nigeria is currently subsidizing petrol to the tune of N6.7 trillion at the cost of education and health.
It is estimated that over 10 million children are out of school in the country, although some figures say it’s over 18 million.
