The World Bank will Monday review an application for a total sum of $1.5 billion by Nigerian states.
Shubham Chaudhuri, World Bank’s country director for Nigeria, made the disclosure on Thursday at the virtual presentation of the latest Nigeria Development Update (NDU), noting that Nigeria government’s request for a $1.5 billion budget support facility “is still in the works.”
“The $1.5 billion request is slated for presentation to our board next week actually, for approval. That is two separate $750 million request.
“One of them is to support the states’ fiscal resources, but on a performance-based mechanism. Also, it is for financing states’ fiscal transparency, accountability and sustainability programme.
“And the other is meant to support the respond of the states towards protecting livelihoods, food security and local economic activities. So, those are the two requests that are going to be considered by our board by Monday,” Chaudhuri said.
The World Bank forecasted in the NDU that the population of poor people in Nigeria would soar by 15 to 20 million by 2022.
The World Bank official observed that Nigeria was at a crucial point in history with a chance break away from “business as usual” and advance to its huge potential by sustaining bold reforms that have been deployed, while promoting quicker and more inclusive economic expansion.
Marco Hernandez, World Bank’s lead economist for Nigeria, said “Nigeria can build on its reform momentum to contain the spread of COVID-19, stimulate the economy and enable the private sector to be the engine of growth and job creation.”
“It can also redirect public spending from subsidies that benefit the rich towards investments in Nigeria’s people and youth in particular and lay foundations for a strong recovery to help make progress towards lifting 100 million people out of poverty.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...