World Bank Reveals When $800m Loan To Nigeria Was Approved

World Bank Reveals When $800m Loan To Nigeria Was Approved

The World Bank has clarified that the 800 million dollar loan from the bank was approved as of December 2021, a time when the government of Muhammadu Buhari contemplated the removal of fuel subsidy.

Its Nigerian articlesCountry Director, Dr Shubham Chaudhuri, made this known on Tuesday at an event organised by the World Bank to assess the nation’s economy in the last six months.

Chaudhuri explained that the fund is a loan and not a grant as speculated.

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He said that the funds will be channelled into ameliorating the sufferings of the poor and vulnerable owing to the removal of the fuel subsidy.

The World Bank Country Director also expressed support for the Federal Government’s subsidy removal and the exchange rate unification.

According to Chaudhuri, the policy though painful remains key to rebuilding the economy of the nation.