World Bank Approves $1.5billion Loan For Nigeria

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

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

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


It also stated that Nigeria is at a critical juncture, hence the approval of the loan
“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,” the statement read in part.

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Posted: at 15-12-2020 05:15 PM (3 years ago) | Addicted Hero

Very soon we go become tenant for our own country

Posted: at 15-12-2020 08:47 PM (3 years ago) | Gistmaniac

What are they even doing with all these borrowed monies??
We have entered one chance. Before 2023, only God knows how much Nigeria would be owing.
May God help and save us from this old man's hand.
I PITY THE NEXT PRESIDENT THAT WILL EMERGED

Posted: at 16-12-2020 11:13 AM (3 years ago) | Gistmaniac