Nigerians in Shock; as Buhari borrowed another $1.5billion From World Bank
The bank said the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). “This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” Shubham Chaudhuri, World Bank country director for Nigeria said.
To realize its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”
The projects are Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and The State Fiscal Transparency, Accountability, and Sustainability Program for Results (SFTAS) Additional Financing.
Both projects will get a $750 million facility through the International Development Association (IDA).
This new loan left many Nigerians in the State of Devastation knowing very well that Nigeria Already have outstanding debt as a result of the money borrowed from World Bank.
Below are some reactions by Nigerians;
What can you say to this?