JUST IN: World Bank Finally Approves Nigeria’s Request For Loan

OnyxNews Nigeria reports that the World Bank has approved Nigeria’s request for a $1.5 billion loan.

This was made public in a statement by World Bank on Tuesday, December 15 stating that the loan will be allowed with effect from 2021 and will be terminated in 2024.

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“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.

This online news platform gathered that 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).

The government revenues have dipped by 60 percent in Nigeria due to a crash in global oil prices and the raging COVID-19 pandemic hence the consideration and approval of the loan.