What Nigerians should know about $717m cancelled World Bank loan — Kalu Aja

A fiscal analyst, Kalu Aja, has explained what Nigerians should cognize astir the study of the ‘federal government’s cancellation’ of a $717 cardinal World Bank powerfulness assemblage loan.

In an investigation connected an X relationship on Tuesday, Aja said, contrary to claims that the Nigerian authorities cancelled the loan, the World Bank really withdrew the installation implicit unsatisfactory performance.

Recall that a study emerged that the Nigerian government, successful a ceremonial papers to the World Bank, requested to terminate the remaining information of a $1.52bn powerfulness assemblage betterment program.

The cancelled indebtedness magnitude represents the full undisbursed equilibrium remaining nether the program.

DAILY POST reports that the indebtedness was approved connected June 23, 2020, by the World Bank, with financing of astir $752.5 cardinal equivalent.

The improvement comes amid criticisms by Nigerians connected the country’s increasing indebtedness profile, which stood astatine N159.28 trillion arsenic of the archetypal 4th of 2026, according to the Debt Management Office.

However, the presidency, successful a connection by spokesperson Bayo Onanuga, clari...