FG Set To Receive Fresh $2.2bn World Bank Loan

The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World Bank.

The Minister of Finance, Wale Edun, stated this on Saturday during a press briefing at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States.

He revealed that the Nigerian Government would also receive another budget support facility from the African Development Bank (AfDB).

Edun outlined the various channels through which the Nigerian economy receives international funding, including diaspora remittances, foreign portfolio investments, and support from the World Bank and other global development partners.

He stated, “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 10- 20 years moratorium and about 1% interest.

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

Edun also utilized the issuance of dollar-denominated securities aimed at Nigerians in the diaspora and individuals holding foreign-currency savings within Nigeria as an additional strategy to attract foreign exchange inflows into the country.