COVID-19: FG To Get 0m Loan From World Bank For States – Zainab Ahmed

COVID-19: FG To Get $750m Loan From World Bank For States – Zainab Ahmed

The federal government is currently processing a $ 750 million loan from the World Bank for state governments to address the impacts of the COVID-19 pandemic on the population.


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

He said the administration was determined to mitigate the impacts of COVID-19 on low-income people who make up the majority of the Nigerian population.

His words, “The diverse and severe impacts of the COVID-19 pandemic continue to be felt around the world with significant consequences for informal businesses and households that survive on daily income and farmers who depend on their agricultural products to survive.

“This key population represents more than 60% of our entire population in Nigeria, hence the need to cushion the effects of the pandemic on vulnerable sectors through the provision of palliative and stimulus packages.

“As part of the 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 the consumption of vulnerable households “.

I can’t afford civil unrest
Ms Ahmed said the administration will take all necessary steps to ensure that the nation’s economy does not remain in recession due to its consequences.

According to her, “Nigeria, as the largest economy in Africa, cannot afford to remain in recession; the survival of more than 200 million people is related to everything we do and we must address the concerns of the majority of our population.

Let me remind you that the consequences will be too great if we ignore the root cause of the growing civil unrest in our country. Therefore, we must come up with ways to ensure that the publication of Covid-19 is not detrimental to the Nigerian people and economy. ”

Source: – Vanguard