FG processing $750m World Bank loan on behalf of states

The federal government will get a $70 million loan from the World Bank on behalf of the 36 states and federal capital territory (FCT) to stimulate the economy and support vulnerable households.

Zainab Ahmed, minister of finance, budget and national planning, disclosed this during the inauguration ceremony of federal steering committees of the Nigeria COVID-19 action recovery and economic stimulus (N-CARES).

Ahmed said a federal steering and technical committee has to be in place to ensure the implementation of N-CARES is in line with the federal government priorities as outlined in the economic sustainability plan (ESP).

“The inauguration of the committee is expedient given the nature of this emergency intervention; Nigeria as the biggest economy in Africa cannot afford to remain in recession; the survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace,” she said.

The federal steering committee consists of 11 ministers and permanent secretaries, while the technical committee is made of up 14 directors of key ministries, department and agencies (MDAs).

She said members of the committees were carefully selected because MDAs play an important role in helping the economy recover the economy.

“As members of the federal steering committee, your major role will be to provide an overall policy direction for the implementation of this programme and advise Mr President.

“The federal technical committee will be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the federal CARES support unit (FCSU).”

“Let me remind you that the consequences will be too high if we ignore the root cause of rising civil unrest in our country.

“We must, therefore, fashion out ways of ensuring that post-COVID-19 is not injurious to the Nigerian people and the economy.”