News
FG Initiates Talks with World Bank for $1.5 Billion Loan
This move is aimed at addressing the fiscal gap in the 2023 budget.
The Nigerian government is currently in negotiations with the World Bank to secure a fresh $1.5 billion loan, as announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
This move is aimed at addressing the fiscal gap in the 2023 budget.
Edun emphasized that the World Bank is a key multilateral development bank supporting developing countries and providing funding for various projects and sectors.
The loan is expected to have a favorable interest rate, potentially even zero interest.
This development reflects Nigeria’s efforts to attract investments and stimulate economic growth, with a focus on tax reform and adherence to statutory limits for borrowing from the Central Bank.
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