Nigerian Government to borrow N285 billion from World Bank

The federal government is planning to borrow $750 million on behalf of state to stimulate local economies in Nigeria.

Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed made this disclosure in Abuja on Friday at the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES).

According to the Finance Minister, the Nigerian Government is in the process of accessing a World Bank loan of $750 million on behalf of the states, to stimulate the local economy and support vulnerable household’s consumption.