The Federal Government has said it had secured a budget support loan worth $1.5bn from the World Bank and another worth $80m from the African Development Bank to finance various projects in critical sectors of the economy.
It said Nigeria qualified for the “relatively cheap” loans given its “macro-economic moves” in the past couple of months since President Bola Tinubu assumed office.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told State House Correspondents that the FG would receive $1.5bn as a whole before the end of the year, provided it fulfilled its end of the deal.
“Council approved today the application for financing from the World Bank. And in particular, the International Development Association, which is the virtually free or zero-interest lending arm or financing arm of the World Bank” he said.
Edun clarified that Nigeria took macroeconomic moves and tough decisions to restore balance in its economy, warranting support from multilateral development banks.
