Federal Government To Borrow $750m From World Bank

Plans are underway by the federal government to borrow $750 million from the World bank for some states to stimulate local economies in Nigeria.

Zainab Ahmed, Minister of Finance, Budget, and National Planning made this known at 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.

Zainab said 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”.

Related Posts

1. 
   143 New COVID-19 Cases, 209 Discharged In Nigeria
2. 
   155 New COVID-19 Cases, 192 Discharged In Nigeria
3. 
   FG Is Applying For Another $3b Chinese Loan – Amaechi
4. 
   FG To Borrow Fresh $1.2 Billion Loan From Brazil – Finance Minister
5. 
   FG To Borrow Fresh N4.28trn Loans To Finance 2021 Budget
6. 
   FG To Borrow N1.59 Trillion To Fund 2020 Budget
7. 
   NCDC Announces 156 New Covid-19 Cases, 146 Discharged
8. 
   NCDC Records 157 New Covid-19 Cases, 89 Discharged
9. 
   Nigeria Records 110 New COVID-19 Cases
10. 
    Nigeria Records 112 New Covid-19 Cases, 93 Discharged
11. 
    Nigeria Records 152 New Covid-19 Cases

On the civil unrest and COVID-19 impact in Nigeria, the finance minister said the consequences would be too high if government ignores the root cause of rising anomaly in Nigeria.

She said:

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