The World Bank Group has provided a financial support of up to $750 million in immediate assistance to Nigeria.
The financial support is intended to assist Nigeria as it struggles to cope with the health and economic effects of the global outbreak of the COVID-19 pandemic.
Permanent Secretary in the Ministry of Federal Capital Territory, Olusade Adesola stated this during the inauguration of the FCT Steering Committee on COVID-19 Action Recovery and Economic Stimulation, better known as FCT CARES.
Adesola disclosed that the FCT received the sum of $15 million from the World Bank’s $750 million support fund.
According to Adesola, the funding is intended to assist the government in taking meaningful steps to respond to and, where possible, mitigate the devastating consequences of the COVID-19.
As a result, he encouraged the FCT CARES to design a policy framework for using the funds to restore the livelihoods of the very poor and vulnerable, ensure food security, and help small and medium-sized businesses affected by the pandemic bounce back to life.
“The FCTA is particularly eager to encourage the pace and expansion of this recovery in order to assist firms in regaining markets, income, and confidence,” he stated.
The global economic impact of the COVID-19 pandemic as a result of the global lockdown, as well as the extreme negative impact on livelihoods and food, cannot be overstated.
“As a result, the federal government developed the States/FCT CARES programme in collaboration with the World Bank and the Nigeria Governors Forum to cushion the impact of the pandemic, particularly on the most vulnerable segment of the Nigerian population.”
Poor and vulnerable Nigerians who have been captured under the SOKU Intervention scheme will be beneficiaries of these funds released by the World Bank to Nigerians, including businesses that have crumbled as a result of the adverse effects of the Covid-19 pandemic and the nation-wide lock down.