Business

FG to borrow $750m from World Bank- Finance minister

FG to borrow $750m from World Bank- Finance minister

 

The Federal government has revealed its plans to borrow $750 million from the World Bank for some states to stimulate local economies in Nigeria.

Minister of Finance, Budget, and National Planning, Zainab Ahmed, made the disclosure during the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) in Abuja on Friday.

According to Ahmed, 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”.

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

”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” she said.

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