Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning

Minister explains why Nigeria seeks fresh $750m loan from World Bank

*The survival of over 200 million population is germane to all we do, and we must address the concerns of the majority of our populace ─Zainab Ahmed, Minister for Finance, Budget, and National Planning

Alexander Davis | ConsumerConnect

In an effort at stimulating the Nigerian economy while supporting vulnerable household consumption amid the disruptive Coronavirus (COVID-19) pandemic, the Federal Government says it is in the process of receiving a $750 million loan from the World Bank to help the constituent states in the Federation.

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, who disclosed this at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) programme in Abuja, FCT, said is to enhance the local economy as well as support vulnerable household consumption.

The Minister stated that the Federal Government has created windows of intervention, as captured in the economic sustainability plan inaugurated by President Muhammadu Buhari March 2020.

In going to borrow the money, according Ahmed, the Federal Government is considering the cause and consequences of civil unrests and COVID-19 in the country.

She said: “The consequences will be too high if we ignore the root cause of rising civil unrests in our country.

“We must, therefore, fashion out ways of ensuring that post-COVID-19 is not injurious to the Nigerian people and the economy.”

In a bid to ensure that the implementation of the N-CARES is in line with the Federal Government’s priorities as outlined in the ESP, the Federal Steering Committee made up of ministers and permanent secretaries as well as a Technical Committee, made up of directors of key ministries, department, and agencies (MDAs) has to be in place, said the Minister.

According to her, the government has carefully selected the “members of the Federal Steering and Technical Committees because of the important role MDAs play in the recovery of the Nigerian economy as well as the fulfillment of lifting 100 million people out of poverty”.

Ahmed disclosed that “the inauguration of the committees “is expedient, given the nature of this emergency intervention; Nigeria as the biggest economy in Africa cannot afford to remain in recession.

“The survival of over 200 million population is germane to all we do, and we must address the concerns of the majority of our populace.”

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