Economy

World Bank Approves Nigeria’s Request of $1.5billion Loan

Published

3 years ago

December 15, 2020

The World Bank has eventually granted a $1.5 billion loan request for Nigeria.
On Tuesday, 15th December, 2020, the World Bank made this disclosure in a statement saying that the loan’s aim is to curtail the country’s poverty.

The $1.5 billion was approved by apex Bank Board of Directors for two projects; 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)..

In the statement, it noted that Nigeria is at a serious point and 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,”