The World Bank has scaled down a proposed grant to the Central Bank of Nigeria from $10.50m to $6.80m, with the project now slated for board consideration on March 27.

The funding, which is still structured as a grant rather than a loan, is intended for the CBN Technical Assistance Facility, according to The Punch.

The project aims to enhance the apex bank’s technology-driven, data-based supervision of the banking sector and strengthen oversight of domestic payment and remittance systems.

Updated information from the World Bank’s website shows that the project has reached the decision meeting stage, the final internal step before receiving approval from the World Bank Group’s board.

The project’s approval date is now set for March 27, 2026, revised from the previous timeline of June 12, 2025, which was linked to the initial $10.50m grant proposal.

The updated grant of $6.80m will be fully funded through the Finance for Development Multi-Donor Trust Fund, with no participation from the International Development Association or the International Bank for Reconstruction and Development, ensuring that the project will not increase Nigeria’s external debt.

The project’s approval date has been moved to March 27, 2026, from the initial June 12, 2025, timeline linked to the original $10.50m grant proposal.

The scaled-down $6.80m grant will be entirely financed through the Finance for Development Multi-Donor Trust Fund, with no involvement from the International Development Association or the International Bank for Reconstruction and Development, ensuring that the project does not add to Nigeria’s external debt.

The Central Bank of Nigeria is named as the implementing agency. According to the project overview, the facility aims to incorporate advanced tools and data science into the CBN’s regulatory and supervisory operations, tackling both longstanding and emerging risks within Nigeria’s evolving financial system.

The World Bank’s website states that the development objective is “to strengthen CBN’s technology-enabled and data-driven oversight of the banking sector and to deepen understanding of payment and remittance systems in Nigeria.”

The project has been assigned a moderate environmental and social risk rating and is scheduled to close on February 28, 2029. Although the updated information does not explain the reduction in grant size, the move from concept review to the decision meeting stage indicates that the project has been refined, even as its funding amount was adjusted.