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N573 Billion For States Is World Bank Loan, Not Grant – Presidency
EKO HOT BLOG reports that the Presidency clarified yesterday that the N573 billion recently received by states is a World Bank loan guaranteed by the Federal Government, not a grant.
This clarification was made through Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity.
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Ajayi emphasized that the focus should be on how the money can assist in the country’s development, rather than debating whether it is a loan or a grant.
He further explained that the N573 billion is the second tranche under the COVID-19 livelihoods support scheme, funded by the World Bank through the NG-CARES Programme.
Ajayi reiterated that the key point, as stated in the President’s broadcast, is that the states received this significant amount of money for development purposes, and that the distinction between a loan and a grant should not overshadow the benefits it can bring to the country.
Ajayi’s comments were aimed at clearing up any confusion regarding the nature of the funds, stressing the importance of using the money effectively to support the nation’s progress during this challenging time.
“The fact is states are getting needed support and funding to improve the lives of the people.
“The World Bank facility is guaranteed by the Federal Government because every multilateral loan must have a sovereign guarantee.
“This means the loan will be repaid by the Federal Government in case the sub-nationals are unable to.
“There should be no hue and cry by any governor really if the objective is to serve the people and make life better for the masses.
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“The President is elected to make life better for citizens the same way the governors are elected to do the same in their respective states.
“President Tinubu will continue to work to expand the economy and enable shared prosperity for all Nigerians.
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