FG To Borrow $750m From World Bank

The Federal government has said it has plans to borrow $750 million from the World bank, in order for some states to stimulate local economies in Nigeria.

Minister of Finance, Budget, and National Planning, Zainab Ahmed, made this known during the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) in Abuja on Friday, November 13.

According to the Finance Minister, the Nigerian Government “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”.

Speaking on the impact of COVID-19 on the country, coupled with the recent unrest in the country, the finance minister said the consequences would be too high if government ignores the root cause of rising anomaly in Nigeria.

”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” she said