The administration of President Bola Tinubu has secured a third time loan of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment (AGILE) program from world bank.
According to the statement published on 23rd September 2023, the Additional Financing will scale up project activities from the current seven states to eleven additional states and increase the targeted beneficiaries to include out-of-school (OOS) girls, those who are married, and those who have disabilities.The seven states AGILE programmes that have been implemented are Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi, and Plateau.
The details which has emerged concerning the reason for the loan is beyond doubt a good one because in order to close the gender gaps in economic empowerment, it must be ensured that girls have access to education and skills as this is key for Nigeria’s development and economic prosperity.
Notwithstanding, the bone of contention here is majorly the swift request for loan under President Bola Tinubu administration. Recall that the first loan of $750m was approved on June 9, 2023 to boost Nigeria’s power sector and not quite long a second loan of $500m was secured on June 22, 2023 to help Nigeria drive women’s empowerment. This should get you thinking at the moment.
It ought not to be so owing to the fact that we have accumulated debts from previous administration that are yet to be attended to. Beyond the need to spend for development, excessive borrowing by the government cause inefficiencies which eventually have a negative impact on economic growth.
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