World Bank approves $1.5billion loan to strengthen Nigeria’s economy

Date:

Reading time: 1 Minute

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.

Tropic Reporters
Tropic Reportershttps://tropicreporters.com
Tropic Reporters is an online news platform based in Nigeria that focuses on promoting journalism from the citizens' perspectives to enhance access to credible information and clarification on basic issues and topics affecting the growth and development of our communities and other parts of Africa and the world in general. For advertisment tropicreporters@gmail.com WhatsApp/Telegram: 07066518087

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

APC Condemns Alleged Conversion of Oyo Library to Shops

The Oyo State chapter of the All Progressives Congress...

ECOWAS Court Awards ₦10m Compensation to Nigerian Student Over Rights Violations

The ECOWAS Court of Justice has held the Nigerian...

SERAP Calls for Probe into Alleged Mismanagement of Over ₦57bn in Humanitarian Ministry

The Socio-Economic Rights and Accountability Project (SERAP) has urged...

PDP, APC Trade Words Over Ogun Local Government Election

The Peoples Democratic Party (PDP) in the South-West has...