World Bank Approves $750million COVID-19 Loan for Nigeria

The World Bank has declared as “effective“ President Muhammadu Buhari regime’s $750-million COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme.

Aso Vakporaye, the Federal CARES Technical Committee chairman, announced this in a statement on Tuesday.

“President Muhammadu Buhari has promised to lift 100 million people out of poverty in 10 years. The NG-CARES Programme is one of the strategic actions being taken to achieve this presidential mandate,” said the World Bank representative.

“Each of the 36 states of the federation will get a nominal allocation of $20 million, while the Federal Capital Territory (FCT) will get $15 million under the Programme for Result (PforR) financing instrument of the World Bank.”