FG To Borrow Over N280bn From World Bank

Zainab Ahmed 

The Federal Government of Nigeria under the current leadership of President Muhammadu Buhari, has disclosed plans to borrow $750 million (N285,000,000,000) from the World Bank. 

The purported loan is in bid to fund some states to stimulate local economies within the country. 

Disclosing this in Abuja on Friday,  November 13, Minister of Finance, Budget and National Planning, Zainab Ahmed, during the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES), said that the Federal Government is in the process of accessing the said World Bank loan. 

She affirmed that the loan purpose is to fund states to stimulate the local economy and support vulnerable household's consumption. 

Also on the COVID-19 impact and civil unrest in the country, Zainab noted the high consequences if government should pay deaf ears to the rising anomaly in the country.