The World Bank through country director for Nigeria, Shubham Chaudhuri said that the World Bank has finally approved Nigeria’s request for a $1.5 billion loan, this in Naira amounts to a total of #571,800,000,000.00 billion.
This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
World 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).
World Bank in the statement added that Nigeria is at a critical juncture, hence 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 5million Nigerians into poverty in 2020,” the statement read in part.
World Bank country director for Nigeria, Shubham Chaudhuri had earlier said Nigeria needs more monetary reform in order to access $1.5 billion loan.
The loan was then delayed with Chaudhuri saying Nigeria needs to carry out more currency reform and make plans for sustainability in later years.