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Published On: Fri, Jul 24th, 2015

Finance experts laud FG over World Bank’s $2.1bn pledge




Some finance experts have commended the Federal Government for securing 2.1 billion dollars (N393.9 billion) pledge from the World Bank toward the rehabilitation of areas ravaged by insurgence.

They said in Lagos on Wednesday that the credit pledge was a clear indication of government’s commitment to restoring the socio-economic potential of the area.

Dr Osi Itsede said the federal government’s effort was not only commendable but a proactive step toward the rebuilding of North-East from the degradation by insurgents.

Itsede, former Director-General of the West African Institute for Financial and Economic Management (WAIFEM), said the ability of government to get such credit pledge was an economic and a political booster for the nation.

He also said the pledge was only a statement of intent by World Bank. “It would only be given to Nigeria after government submits a development and sustainable programme for the rebuilding of the affected areas.’’

He said the bank would also oversee some of the specific programmes to be designed by the country.

Itsede added that government also needed to gather some experts in development planning to come up with well-designed and articulated programmes.

He said this would also help the nation to leverage on the World Bank pledge for more assistance from other international donors.

Former Director in CBN, Mr Titus Okurounmu, said government could invest the funds to generate additional income if it was received before end of insurgency.

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