The Federal government has disclosed its plan to borrow $750 million from the World bank for the purpose of aiding local economies of states in Nigeria.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, stated this at the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) in Abuja on Friday, November 13.
According to the Finance Minister, 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”.
Regarding the civil unrest and COVID-19 impact in Nigeria, the finance minister said the consequences would be too high if government ignores the root cause of rising anomaly in Nigeria.
In her words, ”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.”