$800m loan to Nigeria was approved December 2021 – World Bank

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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 Country 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.

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.

Details later…

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