The World Bank has shown commitment and promise to support Nigeria with $8.5 billion in order to fund critical areas ranging from agriculture, economy and education and to tackle other pressing needs of the country.
Shubham Chaudhuri, the World Bank Country Director to Nigeria made this known during a summit organized by its Emergency Coordination Center in Abuja.
Chaudhur noted that such commitment was the largest ever given to any country in the world.
Although, he emphasized that it was still infinitesimal compared to the needs of Nigeria, he, however, added that around $2.5 billion to $3 billion of the fund had been channelled towards education.
“Half of the population of Nigeria itself is less than 17 years old. This means there is a need to invest in human capital development,” he said.
He added that the future of Nigeria depended on the ability of the young people to go to school, stressing that it was important to make schools safe to ensure that fewer children were out of school.
He further said it was Nigeria’s call to determine how it would mobilize its financial resources to enable young Nigerians to go to school or whether its scarce resources would be used to subsidize petrol with over N6.5 trillion.
Nigeria is mobilizing N6.7 trillion for petrol subsidies at the expense of education and health. About 10.1 million children are out of school, according to the education ministry, but a report suggests it is up to 18.5 million.