World Bank rules out Nigeria as beneficiary of debt suspension initiative

World Bank has ruled out Nigeria as one of the beneficiaries of its debt suspension initiative established by G20 countries.

This was contained in a statement published on Wednesday on the bank’s website titled “COVID-19: Debt service suspension initiative“.

The statement reads: “COVID-19 has dealt a major blow to world’s poorest countries, causing a recession that could push more than 100 million people into extreme poverty.

“That is why the World Bank and the International Monetary Fund urged G20 countries to establish the Debt Service Suspension Initiative.

“The DSSI is helping countries concentrate their resources on fighting the pandemic and safeguarding the lives and livelihoods of millions of the most vulnerable people.”

It added that the initiative, which started in May 2020, had delivered over $5 billion in relief to over 40 eligible countries.

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