Nigeria will get about N417 Billion loan to rebuild areas in the North East

Nigeria is said to be the beneficiary of a World Bank scheme that will see the country get about N417 Billion to rebuild areas in the north east that have been affected by the activities of Boko Haram.

According to Punch, A statement released by the special adviser to President Muhammadu Buhari on media and publicity, Mr Femi Adesina said this was discussed in Washington DC between President Buhari and representatives of the World Bank, the Bill and Melinda Gates Foundation and the World Health Organisation (WHO).

This was said to be part of the activities that were planned for the four day trip president Buhari made to US.

Part of the statement read: “The World Bank will spend $2.1bn through its International Development Agency, which gives low interest rate loans to governments. The first 10 years will be interest-free, while (the interest for the) additional 30 years will be at lower than the capital market rate.

“The World Bank is eager to move in quickly, give out the loans and give succour to the people of the North-East, long at the mercy of an insurgency that has claimed over 20,000 souls.”

In addition, WHO would also invest about $300m in the fight against malaria. The Bill and Melinda Gates Foundation in collaboration with the Dangote Foundation would also continue to oversee its programme on polio in a move which will see the country declared polio free if it maintains its effort for two years.

Meanwhile, President Buhari reaffirmed his commitment to putting an end to the Boko Haram insurgency ravaging the country in an interview.