Nigeria to access $750 million new World Bank loan

543

The federal government is to access a World bank loan of $750 million on behalf of the states. The loan is meant to stimulate the local economy and support the vulnerable households’ consumption. This is to help mitigate the effect of COVID-19.

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

Zainab in her address said the government had created several windows of interventions as captured in the Economic Sustainability Plan (ESP) inaugurated by President Muhammad Buhari on March 30, 2020.

She said the ESP will respond robustly and appropriately to the challenges posed by the COVID-19 pandemic, identify fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending.

To ensure proper implementation, the minister said the implementation of the N-CARES is in line with the federal government priorities as outlined in the ESP, the Federal Steering Committee, made up of ministers and permanent secretaries as well as a Technical Committee, made up of directors of key ministries, department and agencies (MDAs) has to be in place.

 Zainab said as the biggest economy in Africa, Nigeria cannot afford to remain in recession as the survival of over 200 million population is germane to all that government is doing.

The federal government is to access a World bank loan of $750 million on behalf of the states. The loan is meant to stimulate the local economy and support the vulnerable households’ consumption. This is to help mitigate the effect of COVID-19.

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

Zainab in her address said the government had created several windows of interventions as captured in the Economic Sustainability Plan (ESP) inaugurated by President Muhammad Buhari on March 30, 2020.

She said the ESP will respond robustly and appropriately to the challenges posed by the COVID-19 pandemic, identify fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending.




Leave a Reply

Your email address will not be published.