World Bank 750million COVID-19 Loan: Are These Loans Healthy For Our Economy?
President Muhammadu Buhari’s request for a $750 million COVID-19 loan has been approved.
The World Bank approved the loan as part of the Action Recovery and Economic Stimulus (NG-CARES) programme.
The chairman of the Federal CARES Technical Committee, Aso Vakporaye, announced this in a statement on Tuesday.
“President Muhammadu Buhari has promised to lift 100 million people out of poverty within the next ten years. “One of the strategic actions being taken to achieve this presidential mandate is the NG-CARES Programme,” said the World Bank representative.
“Under the World Bank’s Programme for Result (PforR) financing instrument, each of the federation’s 36 states will receive a nominal allocation of $20 million, while the Federal Capital Territory (FCT) will receive $15 million.”
The World Bank listed Nigeria as one of ten countries with high debt risk exposure in August. According to a financial statement released by the World Bank on behalf of the International Development Association, Nigeria ranked fifth with a debt stock of $11.7 billion (IDA).
With the current high debt profile, Is the world Bank Loan healthy for Nigeria’s economy? Let’s discuss.
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