The Federal Government will begin repaying a $500 million concessional loan from the International Development Association in 2029, with full repayment scheduled to be completed by 2054.
The loan, secured under the Nigeria Primary Healthcare Provision Strengthening (HOPE-PHC) Programme, aims to improve maternal and child health services, emergency medical care, and pandemic preparedness.
Managed by the Federal Ministry of Health and other key agencies, the loan will be repaid in biannual installments, starting with a 1.65% annual repayment rate from 2029 to 2049, increasing to 3.40% until 2054. Additional charges include a 0.5% commitment fee on unwithdrawn funds and a 0.75% service charge on withdrawn amounts.
Concerns have been raised over Nigeria’s rising external debt, which reached $5.47 billion in debt servicing payments between January 2024 and February 2025. Meanwhile, the World Bank is considering an additional $1.13 billion in loans for Nigeria by March 2025 to support economic resilience, education, and nutrition programs.
