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World Bank has approved a total of $2.25 billion loan for Nigeria to help stabilise its economy following reforms and scale up support for the poor.
However, this recent development has been met with criticism and dissatisfaction by citizens of Imo State.
Acknowledging the current government’s progress in building a better economy, citizens have stated that taking on the loan could potentially reverse the gains made so far, arguing that Nigeria should concentrate its efforts on sustaining the economic initiatives already underway.
Other citizens have proposed reforming Nigeria’s finance policies, stating that comprehensive reforms in these areas could improve revenue generation and fiscal stability without external borrowing.
One citizen’s viewpoint emphasized the need for Nigeria to transition from being a consuming nation to an industrious one, which requires a shift towards productive economic activities and manufacturing, rather than relying heavily on consumption and imports.
The loan is expected to assist Nigeria in raising non-oil revenues and promoting fiscal sustainability, ultimately enabling the nation to deliver quality public services to its citizens.
