$750m World Bank Loan Contains Fund To Relieve Covid-19 Impact – Nigeria Finance Minister

November 13, 2020
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By Adejumo Enock

To curb the effects of the COVID-19 pandemic in states across Nigeria, the federal government is currently procesing a $750 million loan from the World Bank.

The Minister of Finance, Mrs. Zainab Ahmed, revealed this at the inauguration of the committee on Nigeria Covid-19 Action Recovery for Economic Stimulus (N-CARES), recently held in Abuja.

According to Zanaib, Nigeria government has concluded to ease the impacts of COVID-19 on Nigerians who are mostly financially weak. 

She explained, “The diverse and severe impacts of the COVID-19 pandemic continue to be felt across the world with significant consequences on informal businesses, and households that survive on daily income and the peasant farmers who depend on their farm produce to survive.

“This key population make up over 60% of our entire population in Nigeria therefore, the need to cushion the effects of the pandemic on the vulnerable sectors through the provision of palliatives and stimulus package.

“As part of windows of opportunity to mitigate the effect of Covid-19, the Federal 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.”

The Minister further stated that the government would explore all avenues to pull the country’s economy out of recession.
In her words, “Nigeria as the biggest economy in Africa cannot afford to remain in recession; the survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace.

“Let me remind you that 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.”

Mrs. Ahmed however noted that  fuel price hikes has led to high charges of transport fairs which in turn has caused inflation in the country.

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