The Federal government has said it was planning to borrow $750 million from World Bank for some states in a bid to stimulate local economies in Nigeria.
Minister of Finance, Budget, and National Planning, Zainab Ahmed, revealed this during the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) recentlt in Abuja.
According to the 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.”
While talking about the civil unrest and the impact of COVID-19 in Nigeria, the Minister said the consequences would be very high if the government brushes aside the root cause of rising anomaly in Nigeria.
She said: ”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.”
