The World Bank has revised its planned grant to the Central Bank of Nigeria (CBN), decreasing the amount from $10.5 million to $6.8 million. This funding, which is still classified as a grant rather than a loan, will support the CBN Technical Assistance Facility aimed at modernizing the apex bank’s supervision of the banking sector with an emphasis on technology and data analytics. The project is part of broader efforts to enhance Nigeria's financial system by improving oversight of payment and remittance processes.

The project information, as updated on the World Bank's official site, indicates that it is now at the decision meeting stage, which is the last step internally before the project can be approved by the World Bank Group’s board. This signifies a significant progression from the initial concept review stage where this initiative was first reported by The PUNCH in April 2025. The shift in approval scheduling from June 12, 2025, to the new date of March 27, 2026, reflects the complexities involved in finalizing international funding initiatives, especially in the context of Nigeria’s economic landscape.

The reduction in the grant amount could have implications for the scope and scale of the project. While still a substantial sum, the cut from the original proposal could constrain the implementation of advanced systems that enhance financial oversight and data management at the CBN. Stakeholders will be keenly watching the discussions and decisions to be taken by the World Bank, as the outcomes will significantly affect Nigeria’s banking sector's modernization efforts and its capability to adopt innovative financial technologies, which are increasingly vital in today's economy.