The World Bank, under its concerns for our economy, public health, gender issues, and grabbed headlines again with the news that it was providing additional $120 million credit facility to Nigeria to boost water supply in some of her urban cities.
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The scheme is romantically called National Urban Water Sector Reform Project. The project is not new. It was presented to the World Bank board in 2004 and approved for implementation the same year. Where is the reform it entails?
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Phase one of the project, which ends in September targeted Kaduna, Ogun and Enugu States. It cost US$120 million.
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Additional financing of US$60 million was secured, taking the total financial outlay on the project in the first phase to US$200 million.
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By granting additional US$120 million for the second phase of the project which closes in 2016, with Cross River and Lagos States as targets, the debt stock on this project would hit US$ 320 million, excluding interests.