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FG TO ACQUIRE $750M WORLD BANK TO SUPPORT ECONOMY AND VULNERABLE HOUSEHOLDS

The Federal Government is in the process of accessing a $750m World Bank loan for states.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this in Abuja yesterday at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus, also known as N-CARES.

She said, The Federal Government is accessing the loan of $750m on behalf of the states to stimulate the local economy and support vulnerable households’ consumption.

Speaking On the civil unrest and COVID-19 impact in Nigeria, the Finance Minister said the consequences would be too high if the government ignored the root cause of rising anomaly in Nigeria.

She stated that the government must, therefore, fashion out ways of ensuring that the post-COVID-19 era is not injurious to the Nigerian people and the economy.

On the committee that was inaugurated, she explained that to ensure that the implementation of the N-CARES was in line with the Federal Government priorities, the team had to be put in place.

The committee, according to Mrs. Ahmed, is made up of ministers and permanent secretaries as well as a technical committee that consists of directors of key ministries, department,s and agencies.

She said, “The inauguration of the committees is expedient given the nature of this emergency intervention adding that Nigeria as the biggest economy in Africa cannot afford to remain in recession.

BY: HARIS SIDI SIRAJO

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