The World Bank has finally approved Nigeria’s request for a $1.5 billion loan.

World Bank made this known in a statement on Tuesday, noting that the loan is aimed to boost Nigeria’s efforts to reduce poverty.

The apex Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus –Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

It also stated that Nigeria is at a critical juncture, hence the approval of the loan

“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5 million Nigerians into poverty in 2020,” the statement read in part.