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Tuesday, November 24, 2020

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The Federal Government Is In The Process Of Borrowing $750m From World Bank

On Friday, November 13, at the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) in Abuja, Zainab Ahmed, Minister of Finance, Budget, and National Planning,stated that the FG is in the process of borrowing $750m from the World Bank.

According to her, the loan is for some states to stimulate local economies in Nigeria.

She said:

 “is in the process of accessing a World Bank loan of $750 million on behalf of the states, to stimulate the local economy and support vulnerable household’s consumption”.

”The consequences will be too high if we ignore the root cause of rising civil unrest in our country. We must, therefore, fashion out ways of ensuring that post Covid-19 is not injurious to the Nigerian people and the economy”

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