The Federal Government of Nigeria has requested for a loan of #285billion from from the World Bank. The loan is targeted to address the effect of the pandemic.
The loan requested by the federal government from the World Bank is to help advance the Nigerian economy. The Honourable Minister of Finance, Zainab Ahmed, stated that the loan will contribute to the economy and support those who are in need of household consumption.
The Honourable Minister stated that the federal government requested for the loan in the interest of Nigerians due to the effect of the recent protest and the COVID-19 pandemic raging in the country.
According to the Minister, the effect of the unrest will be too much if the genuine cause of the civil unrest is ignored in the country. She therefore advised that means should be improvised to ensure that COVID-19 doesn’t affect the Nigerian economy.
The minister stated that Nigeria’ total debts would increase to the tone of N38trillion by December 2021. According to her Nigeria’ total debt consist both externally borrowed loan and home debts of the federal and state governments and the Federal Capital Territory.
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