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FG moves for $750 million loan to revamp states

By Matthew Ogune, Abuja
24 November 2020   |   3:46 am
Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government was in the process of accessing a $750 million World Bank loan on behalf of state governments to stimulate local economy and support vulnerable households.

Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government was in the process of accessing a $750 million World Bank loan on behalf of state governments to stimulate local economy and support vulnerable households.

She made the disclosure at the inauguration of the Federal Steering and Technical Committees of the Nigeria COVID-19 Action Recovery and Economic stimulus (N-CARES) in Abuja.

“The loan is part of windows of opportunities to mitigate the effect of COVID-19,” the minister noted. Ahmed maintained that the adverse effects of the epidemic were still being felt across the globe, with informal businesses, households that survive on daily income and peasant farmers most hit.

“This key population makes up over 60 per cent of our entire population in Nigeria, hence the need to cushion effects of the pandemic on the vulnerable sectors through provision of palliatives and stimulus package,” she added.

The minister said government had formulated several interventions in the Economic Sustainability Plan (ESP) unveiled by President Muhammadu Buhari in March year. She stated that among other things, the framework is to respond appropriately to challenges posed by the virus in addition to identifying fiscal measures to enhance oil and non-oil government and reduction in non-essential spending.

Ahmed also pointed out that the committee was well manned by competent hands to ensure faithful implementation of this pet project of the current administration.
Earlier, Minister of State for Budget and National Planning, Clem Ikanade Agba, clarified that the N-CARES programme was multi-sectoral in nature.

Also speaking, Minister of Women Affairs and Social development, Pauline Tallen, lauded the global lender for its support. She pledged that Nigerian women would religiously play their role as caregivers in the entire process.

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