Home Business Nigeria To Receive $288.5m  AfDB Loan To Fight Covid-19

Nigeria To Receive $288.5m  AfDB Loan To Fight Covid-19


Nigeria is set to receive the sum of $288.5 million from the African Development Bank, AfDB, as loan to battle the dreaded Covid-19 as Nigeria continues to recorded more cases of the disease.

The loan was approved by the Board of Directors of the African Development Bank to also ease the impact of Covid-19 on citizens and the economy.

According to a statement by the Bank on Friday, the facility will strengthen the Federal Government’s plans to improve surveillance and response to COVID-19 emergencies and strengthen the social protection system.

AfDB Senior Director for Nigeria, Ebrima Faal, said, “The proposed program will ensure that the fiscal position and the economy are sufficiently supported to weather the COVID-19 shocks, thereby limiting its potential adverse impact on livelihoods and the economy more generally.”

Faal explained that beyond the country’s immediate economic recovery needs, the Bank and other development partners will dialogue with FG on proposals for medium-term structural reforms to diversify and boost domestic revenues away from the oil sector.

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“The Bank has instituted strong fiduciary measures to monitor the use of COVID-19 funds, and will maintain dialogue, particularly with the Office of the Auditor-General in Nigeria, to ensure adherence to the transparency and accountability of the funds,” Faal added.

The Bank said the intervention aligns with its COVID-19 Response Facility; Ten-Year Strategy (2013-2022); and High 5 priorities, especially “Improve the quality of life for the people of Africa”.

It said the facility is also consistent with the second strategic pillar of its recently approved Country Strategy Paper 2020-2024 for Nigeria.

Bittertruth Media recalls that President Muhammadu Buhari had recently received the President of the Bank, Dr.Akinwunmi Adesina at the Presidential Villa.