President Bola Ahmed Tinubu’s administration is on the verge of securing a new $2.2 billion loan with single-digit interest rates from the World Bank, the minister of Finance Wale Edun revealed.
According to the Edun, the federal government is also poised to obtain another budget support loan from the African Development Bank – AfDB in the forthcoming weeks.
Edun made this known to Nigerian and world during a press briefing at the conclusion of Nigeria’s participation in the World Bank/International Monetary Fund Spring meeting in Washington DC, United States.
Addressing the sources of international funding for the Nigerian economy, Edun enumerated diaspora remittances, foreign portfolio investments, and support from the World Bank and other international development partners.
In his words, he said:
“We have just qualified this week for consideration by the World Bank Board of Directors for a total package of $2.25 billion, which could be likened to ‘the closest you can get to a free lunch’—virtually a grant. This comes with a moratorium of about 10 to 20 years and an interest rate of about 1%,” Edun stated. Additionally, there is similar budgetary support in the form of low-interest funding from the African Development Bank- AfDB, and ongoing discussions with foreign direct investors across various sectors are underway.
