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.
In his remarks, Clem Agba, the Minister of State for Budget and National Planning, said that the NG-CARES initiative had a positive impact on more than two million people.
Recall that during the challenges induced by the COVID-19 pandemic, the federal government accessed a World Bank concessional loan of $750m on behalf of the 36 states and the FCT, to run from 2021-2023. The loan was to stimulate the local economy and increase households consumption among the poor and vulnerable segments of the society.