World Bank intends to prolong FG’s access to a $750 million loan

The Federal Government, on behalf of the 36 state governments and the Federal Capital Territory, is about to receive a one-year extension to access the $750 million concessional loan from the World Bank for Nigeria’s COVID-19 Action Recovery and Economic Stimulus.

During the first town hall meeting for stakeholders under the NG-CARES program in Ibadan, Oyo State, Professor Foluso Okunmadewa, the World Bank Task Team Leader for the NG-CARES, confirmed the development.

During his speech at the ceremony, Okunmadewa stated that after subtracting the initial advance, 29 states and the FCT have so far received compensation. He added that seven states had not received reimbursement.

He stated that as long as state governments continue to show proof of their commitment to disbursing the money, the World Bank will continue to permit access to funds.

In his remarks, Clem Agba, the minister of state for budget and national planning, stated that the NG-CARES program had a positive impact on the lives of over two million direct beneficiaries in the nation and that this development was in line with the president’s goal of removing 100 million Nigerians from poverty within ten years.

Agba stated that the federal government was committed to recovering the livelihoods of poor and vulnerable Nigerians, saying that the extension of the program was essential to eradicating poverty in the nation. Agba was represented by the Chairman of the NG-CARES Technical Committee, Reverend Aso Vakporaye.

Recall that during the COVID-19 pandemic’s troubles, the federal government received a $750 million World Bank concessional loan on behalf of the 36 states and the FCT, with a 2021–2023 repayment period.

The goal of the loan was to boost household consumption among the weaker and more vulnerable groups of society as well as the local economy.