According to report reaching oyogist.com, World Bank has finally approved Nigeria’s request for a $1.5 billion loan.
World Bank made this known in a statement made available to oyogist.com 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).
The statement partly reads “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,”