The World Bank Group has approved a $1.5 billion package to assist build a resilient recovery post-COVID-19 for state-level intervention in Nigeria. Additionally, the multilateral institution discussed a replacement five-year Country Partnership Framework (CPF) from 2021 to 2024 for Nigeria. The $1.5 billion was a part of a $3 billion loan request the federal had been pushing for.
A statement from the bank issued, that Nigeria was at a critical stage. Adding that with the sharp fall in oil prices as a result of COVID-19, the economy was meant to contract by over four per cent in the year 2020. This will make the country dive into its deepest recession since the 1980s. Government revenues could fall by quite $15 billion this year, and therefore the crisis could push a further five million Nigerians into poverty in 2020, it projected.
Data source: All Africa news