A fresh Loan of $1.5billion released to strengthen Nigeria’s economy – details

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The World Bank has finally approved Nigeria’s request for a $1.5 billion loan to boost its economy.

On Tuesday, in a statement, World Bank made this known, noting that the loan is aimed to boost Nigeria’s efforts to boost the economy and reduce poverty.

The apex Bank Board of Directors approved the $1.5 billion for two projects, which include: The State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS) Nigeria Covid-19 Action Recovery and Economic Stimulus –Program for Results (Nigeria CARES).

It also stated that Nigeria is in a serious recession, hence the approval of the loan

Here, the statement reads partly, “With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020”.

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