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    World Bank to decide Nigeria’s $1.5bn loan request

    Chronicle EditorBy Chronicle EditorMay 25, 20201 Comment2 Mins Read
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    President Muhammadu Buhari is still battling insecurity in Nigeria Shekwo farmers bandit
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    The World Bank will take final decision in late July on a $1.5 billion loan to support Nigeria as it fights the novel coronavirus, the bank’s country director said at the weekend.

    The World Bank is working on packages that could provide more than $3 billion to Africa’s largest economy, which is facing what the lender says may be its greatest fiscal crisis in 40 years, set off by the coronavirus pandemic and resulting oil price crash.

    Its Nigeria Country Director, Shubham Chaudhuri, said: “We were hoping to present to our board by late July or latest early August, because the government will need the finance. The immediate challenge is a fiscal one: How does the government marshal the fiscal resources to keep basic government functions going?”

    Finance Minister, Zainab Ahmed said the economy could shrink by as much as 8.9 per cent this year. The World Bank expects Nigeria’s economy to shrink by between 3.2per cent and eight per cent this year, and government oil revenues could fall by a third or possibly more than half, said Chaudhuri. The bank’s lead economist on Nigeria, Marco Hernandez, said even if the outbreak were contained, the situation was “unprecedented, shocking.”

    • COVID-19: Osinbajo meets IMF, World Bank representatives

    Nigeria’s 2016 recession sent 13 million people into unemployment; this crisis might be “much more pronounced,” Hernandez warned.

    World Bank loans, such as the $1.5 billion often have conditions attached to them – reforms that governments must enact to secure the money. Chaudhuri and Hernandez declined to comment on any conditions for the loan, including contentious subsidies for fuel, electricity and propping up the naira currency that cost Nigeria billions of dollars a year.

    “We have been recommending a move towards a unified exchange rate and a more flexible exchange rate for some time,” Hernandez said, adding that it would help the recovery and boost investor confidence.

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    WAFCON 2024: Babajide pays tribute to Jota after scoring in Nigeria victory over Tunisia

    WAFCON 2024: Babajide pays tribute to Jota after scoring in Nigeria victory over Tunisia

    July 6, 2025
    SERAP urges Tinubu to probe alleged obstruction of NDDC audit report

    SERAP urges Tinubu to probe alleged obstruction of NDDC audit report

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    MURIC demands sharia courts, public holidays in Southwest on Fridays

    MURIC demands sharia courts, public holidays in Southwest on Fridays

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    NIPOST rolls out cashless operations nationwide from July 1

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    NLC threatens to shut down Abuja after July 3 over unpaid wages

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