Nigeria borrows $2.1bn to rebuild north-east
The World Bank has granted a loan of $2.1 billion to Nigeria to rebuild the north-eastern part of the country ravaged by insurgency.
The first 10 years of repaying the loan will be interest-free, while an additional 30 years will be at lower than capital market rate.
During a meeting in Washington on Tuesday, President Muhammadu Buhari had said that apart from rebuilding the region in terms of infrastructure, priority would also be given to the resettlement of Internally Displaced Persons (IDPs), who are now over one million.
According to Femi Adesina, special adviser to the president on media and publicity, the meeting had in attendance, representatives of the World Bank, the Bill and Melinda Gates Foundation, and the World Health Organisation.
Adesina said the president urged the World Bank to send a team that would work with the federal government in doing a proper assessment of the situation.
“The president urged the World Bank to send a team, which would work in concert with a team from the federal government, so that a proper assessment of needs could be done,” Adesina said in a statement.
“The World Bank will spend the $2.1 billion through its IDA (International Development Agency), which gives low-interest rates loans to government.
“The first 10 years will be interest-free, while an additional 30 years will be at lower than capital market rate.
“The World Bank is eager to move in quickly, give out the loans, and give succour to the people of North-East, long at the mercy of an insurgency that has claimed over 20,000 souls.”
Adesina added that WHO would also invest $300 million on immunisation against malaria in Nigeria, while the Bill and Melinda Gates Foundation will collaborate with Dangote Foundation to ensure that the country maintains its zero polio case record of the past one year.
If the effort is sustained for another two years, the presidential spokesman said Nigeria would be declared fully free of polio.
Typical of what the apc does. They keep borrowing (Osun state, Edo et al) to fund projects and leave huge debts behind. APC accused GEJ of putting the country in debt (as if theres anything wrong in borrowing) but 6 weeks (which is to small to name a cabinet)into an administration, we are taking 2.1bn. Whats the plan of paying it?
Why won’t they borrow when the last PDP government practically emptied the treasury without anything to show for it? If they are borrowing to rebuild destroyed communities, what’s wrong in that? Compared to the last administration which plunged the nation into the abyss of debt and rapaciously looted the nation’s treasury, this administration is more focused.
and they will say it is only Gov. Wike that borrows