FG Requests Deadline Extension for $500 Million Covid-19 Loan from World Bank

The Nigerian government has requested an extension for the deadline of a significant $500 million loan from the World Bank that was originally intended for COVID-19 response initiatives.

This request highlights the nation’s continued dedication to making the most of the funds for pandemic readiness and response, seeking to extend the deadline from February 29, 2024, to June 30, 2024.

A report from the World Bank explains the reasons for this decision, emphasizing the substantial advancements Nigeria has achieved in its response to the COVID-19 pandemic, especially in exceeding the ambitious goal of vaccinating 70% of the eligible population.

The crux of this extension request lies in the requirement for sufficient time to finalize the project’s implementation stage and guarantee a structured completion.

The thoughtful extension request, outlined in an official document bearing reference F11373/S.34/C/4028/VOL.1/126 dated October 27, 2023, and acknowledged on November 1, 2023, suggests extending the project timeline by four months to allow for the thorough completion of project tasks.

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