World Bank set to extend FG's access to $750m loan

PUNCH NEWS

The Federal Government is on the brink of getting a one-year extension to access the World Bank’s $750m concessional loan for Nigeria’s COVID-19 Action Recovery and Economic Stimulus on behalf of the 36 state governments and the Federal Capital Territory.

The World Bank Task Team Leader for the NG-CARES, Professor Foluso Okunmadewa, confirmed the development in Ibadan, Oyo State, during the maiden town hall meeting for stakeholders under the NG-CARES programme.

Okunmadewa, while speaking at the event, said 29 states and the FCT had so far earned reimbursement after deducting the initial advance, adding that seven states earned no reimbursement.

He noted that the World Bank would continue to allow access to funds as long as it sees evidence of the continued commitment of state governments to disbursements of the funds…