African Development Bank approve $288.5 million for Nigeria - See wia di money go enta
African Development Bank (AfDB) don approve loan of 288.5 million dollars to Nigeria
Di money wey go pass 111. 7 billion Naira na to help tackle coronavirus for di kontri and make goment plan to improve response to di virus emergencies dey stronger. Di money go also help to reduce di suffer wey kontri pipo dey face sake of di virus, AfDB tok for statement wey dem release on Friday. Di loan na di Bank first response to help stop di fall in oil prices and its effect di tin go get on Nigeria national economy. "Di proposed program go ensure say di financial position and di economy get enough support to survive di COVID-19 shocks, thereby limiting di bad power wey di tin get to affect pipo lives and economy more generally," na wetin Ebrima Faal, Senior Director of the African Development Bank for Nigeria tok. Nigeria, wey be Africa most populous nation and di continent largest oil producer, dey face double wahala at di moment - one na health epidemic wey COVID-19 cause, and di oda na economic bite mainly sake of global oil price wey crash. As of June 5, di kontri don report 11,516 coronavirus cases, 3,535 recoveries and 323 deaths About 40.1% of Nigerians dey live below di poverty line of $1.90 (dat is below 736.25 Naira) per day and upon dat one, fear dey say di fall inside household income during di pandemic go result to more loss of wealth for both di formal and informal sector workers. Since wen dis coronavirus palava start for Nigeria, di kontri don try to borrow billions of Naira from international lenders. So far, in addition to di African Development Bank approve US$288.5 million for June 2020, Nigeria don receive International Monetary Fund - IMF loan US$ 3.4 Billion for April 2020, European Union donate €50million - for April 2020. No be di first time di AfDB dey give loan to Nigeria, on Wednesday April 24, 2019 di African Development Bank Group, approve US $ 70 million loan for a road project inside Nigeria's southeastern Ebonyi State. Meanwhile, di Board of Governors office for African Development Bank don march break from any fresh investigation of di bank Presido, Dr Akinwunmi Adesina- wey be Nigerian. Dis dey come as di continent bank put leg stand gidigba behind Adesina afta accuse say him dey give appointments and contracts for di bank to im padi and family members.