The World Bank has repeatedly and officially approved $1.5 billion request loan for Nigeria.
This was made known in a statement on Tuesday, following details that the loan is aimed to boost Nigeria’s economy, and efforts to reduce poverty.
According to newsmen, the apex Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus –Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).
It was finally gathered in a statement, that Nigeria is at a critical juncture, hence the approval of the loan.
Read statement Below:
“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″.