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Federal Government secures fresh $2.25 billion loan from World Bank

The federal government is expecting a fresh $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank (AfDB).

The Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund (IMF) Spring Meetings in Washington DC in the United States.

While speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments and facilities from the World Bank and other international development partners.

He said, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’; virtually a grant.

It’s for about 10 to 20 years moratorium and about one per cent interest.

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