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.
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