Finance Minister Gives Details As FG Secures $2.2Bn Loan From World Bank

• The Federal Government of Nigeria expects to secure over $2 billion in loans from the World Bank
• These funds will be used to implement multiple projects in the country and boost economic growth
• The Minister of Finance has provided more details on the loan, including a favourable repayment timeline

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian government is looking forward to receiving around $2.2 billion loan from the World Bank.

Minister of Finance Wale Edun disclosed this at the World Bank/IMF Spring Meetings in Washington, D.C., the United States while speaking on the source of funding for the Nigerian economy.

Edun explained that the loan will be on a single-digit interest and will be paid about 10- 20 years moratorium.

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He added that there is another budget support facility from the African Development Bank (AfDB).

His words:

“We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25 billion of what you can call the closest you can get to a free lunch—virtually a grant. It’s for about a 10- 20-year moratorium and about 1% interest.

“In addition, there is a similar budgetary support – low-interest fundingfrom the African Development Bank (AfDB) and, clearly, there are also ongoing discussions with foreign direct investors across many sectors.”

The Minister also listed diaspora remittances, foreign portfolio investments, and facilities from other international development partners as other sources of funding expected.

Data shows how much each Nigerian owes under Tinubu

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Legit.ng reported that data from the Debt Management Office (DMO) shows that Nigeria’s total public debt stands at N87.91 trillion as of September 2023.

The increased debt profile comes four months after President Tinubu and 18 new governors came into office in May 2023.

The National Bureau of Statistics said as of the end of September 2023, Nigeria’s public debt is about N87.91 trillion, corroborating DMO’s figures.

Source: Legit.ng