Kuwait is trending because Nigerian government has secured a fresh $25.35million loan from Kuwait for out of school kids in Kaduna State.
This initiative is expected to send atleast 100,000 kids back to school, train and empower teachers, build and upgrade 200+ schools.
The loan is from a $62.8M chest from Arab Economic Development, backed by Islamic Development Bank; Global Partnership for Education; Education Above All; Save The Children International and Kaduna State donating the least, $1M.
It’s a concessioary loan. Meaning, it has an unusually lower interest and longer repayment plan. So it’s not a serious debt, more like a grant that has to be repaid. And it would be paid into a Trust.
According to Kaduna Governor, Uba Sani, they will build 102 new ultra modern climate-resilient schools and renovate 170 existing schools and learning center., focusing on girl child, disabled kids and IDP kids.
However, it takes Nigeria’s debt up around ₦140trillion. Doubled since May 2023.
Nigerians are unhappy with the loan-a-thon.
Arguing that, this loan like many others would likely be embezzled. Because the country has a spending problem., citing the $5M+ splashed on falcons and D’Tigress as gifts.
Others are saying $25M is too much for one state
