Image

WORLD BANK APPROVES $1.5 BILLION LOAN TO NIGERIA

The World Bank announced on Tuesday, December 15, that it has approved Nigeria’s request for a $1.5 billion loan.


In a statement by the World Bank Country Director for Nigeria, Shubham Chaudhuri, on Tuesday, he said that the loan is aimed to boost Nigeria’s efforts to reduce poverty and strengthen its economy.


“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” he said.


He said the World Bank Board of Directors approved the $1.5 billion for two projects, which include; Nigeria Covid-19 Action Recovery and Economic Stimulus Program and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).


Chaudhuri said Nigeria is at a critical juncture, hence the approval of the loan.


“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020,” he said.


NRead Also: NIGERIA OFFICIALLY SLIDES INTO WORST ECONOMIC RECESSION SINCE 1987

Comments


This is Rising!

  • Image

    BREAKING: EBONYI STATE GOVERNOR, DAVID UMAHI DU...

  • Image

    $1.96 BILLION NIGERIAN-NIGER RAIL PROJECT: MATT...

  • Image

    COUNTER INSURGENCY IN LAKE CHAD REGION - IS CHA...

  • Image

    SUPREME COURT UPHOLDS YAHAYA BELLO AS KOGI GOVE...

  • Image

    'OP FIREBALL' NIGERIAN MILITARY SPITS FIRE ON '...

  • Image

    BOKO HARAM: INSURGENCY TO BRISK BUSINESS

  • Image

    TWO PASSENGERS DIE, ONE MISSING IN ANOTHER BOAT...

  • Notice (8): Trying to access array offset on value of type null [ROOT/plugins/EonsNews/src/Template/Pages/details.ctp, line 159]" alt="Image" />

    Notice (8): Trying to access array offset on value of type null [ROOT/plugins/EonsNews/src/Template/Pages/details.ctp, line 169]/details/sport-intelligence-18923991/">
    Notice (8): Trying to access array offset on value of type null [ROOT/plugins/EonsNews/src/Template/Pages/details.ctp, line 170]

  • Image

    NOLLYWOOD IS RESPONSIBLE FOR THE STEREOTYPING O...

  • Image

    EFCC APPLIES FOR THE RETRIAL OF ORJI KALU

  • Image

    ISWAP INSURGENTS AMBUSH MILITARY CONVOY IN BORNO

Join WhatApp Group