The Federal Government of Nigeria is perfecting plans of obtaining a 750 million dollar loan from the world bank to help states mitigate the effect of COVID-19.
This was disclosed by the Minister of Finance, Budget, and National Planning, Zainab Ahmed at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) program, in the nation’s capital, Abuja.
Ms Ahmed who explained that the loan would help stimulate the local economy and support vulnerable household consumption, added that the decision to borrow became necessary as the federal government is considering the cause and consequences of civil unrest and COVID-19 in the country.
“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,” Ms. Ahmed stated.
