World bank approves $1.5billion loan for Nigeria
The World Bank has approved Nigeria’s request for a loan of $1.5 billion.
This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.
It also added that Nigeria is at a critical juncture, hence the approval of the loan.
“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5million Nigerians into poverty in 2020,” the statement read in part.
Chaii….. This man done run down the country completely…… Very soon it’s the foreigners that will take hold of income generating sectors of the country….. They will control the economy of this country to there heart desires….
Why is Nigeria acting for loan again the one we borrowed from China I don’t think we have been able to pay
Hope this government won’t bankrupt this country with taking of loan from different countries with judicious utilization.
Hope this money will be utilize for what it meant for if not we will be having issues, most of the leaders are not honest with their dealings.
They (government) should be careful with taking loan from other countries, we have now enter another wave of COVID-19, our leaders should be careful.
With falling of oil price in the world and with the way things are going in the country we should be prudent in spending.
This is good to know. But I wonder what they use all these loans for. Well there is going to be enough Money now for our so called leader tonlootband squander
Let the government of the day know that there is a saying that says that he who goes aborowing goes asorrowing
Loan upon loan
Before you step down try and pay all these loans that you are borrowing up and down. Don’t leave it for the next person coming after you.
This world bank sef are they blind or deaf can’t they see or hear what is happening in this country. They keep borrowing them money for them to squander
No wahala now…..our mind carry the dept.