FG says $750m loan to complement COVID-19 stimuli

The Federal Government of Nigeria said the proposed $750 million loan for states under its Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) would complement other economic stimulus programmes.

The Minister of State for Finance, Planning and Economic Development, Clem Agba, disclosed this in Lagos during a retreat of the Federal Steering Committee on the proposed N-CARES.

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According to him, the $750m loan would benefit states tremendously, and that it has reached an advanced stage.

Agba, who is also the Chairman of the committee, said existing structures of World Bank assisted projects like the Community and Social Development Project (CSDP), FADAMA, and YESSO will be used to distribute the loan.

“As every country is dealing with varying degrees of the COVID-19 problem, the global economy is also confronting its sharpest reversal in generations, with nowhere to turn to for help.

“The government has therefore set out funds for Agriculture and SMEs, but more funds are still needed to pull us out of recession; and that is why the intervention from the World Bank’s $750 million loan is a welcome opportunity for the government, especially the state governments who are the ultimate beneficiaries of this loan.”

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo said the programme is a major booster to President Muhammadu Buhari’s administration’s goal of lifting 100m Nigerians out of poverty within a decade.

Executive Director, Strategy and Research of the Nigeria Governors’ Forum (NGF) Secretariat, Lateef Shittu, expressed the support of governors for the proposed N-CARES, saying focal persons have been appointed in states to ensure proper implementation of the programme.