The Federal Government is in the process of accessing a $ 750 m World Bank loan for states , the Minister of Finance, Budget and National Planning, Zainab Ahmed , announced on Friday.
She said the facility would boost the local economy in the various states , adding that the Federal Government was also considering the cause and consequences of civil unrest and COVID – 19 across the country .
Ahmed disclosed this in Abuja 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 in the process of accessing a World Bank loan of $ 750 m on behalf of the states to stimulate the local economy and support vulnerable households ’ consumption . ”
On the civil unrest and COVID – 19 impact in Nigeria, the finance minister said the consequences would be too high if government ignored the root cause of rising anomaly in Nigeria.
“ We must , therefore, fashion out ways of ensuring that post COVID – 19 is not injurious to the Nigerian people and the economy, ” Ahmed stated .
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 Ahmed , is made up of ministers and permanent secretaries as well as a technical committee that consists of directors of key ministries , department and agencies .
She said , “ The inauguration of the committees is expedient given the nature of this emergency intervention . Nigeria as the biggest economy in Africa cannot afford to remain in recession .