Tinubu Government To Take Fresh $2.2Billion World Bank Loan For Nigeria
The Minister of Finance, Wale Edun, announced during a press briefing in Washington DC that Nigeria, under President Bola Tinubu’s administration, has secured a loan of $2.25 billion from the World Bank. This loan comes with favorable terms, including a 40-year repayment period, a 10-year moratorium, and a nominal 1 percent interest rate.
The Minister highlighted that the loan will provide crucial budgetary support to Nigeria and will also open up opportunities for low-interest funding from the African Development Bank. Additionally, he mentioned ongoing discussions with foreign direct investors across various sectors, indicating the government’s efforts to attract investment and stimulate economic growth.
In summary, Nigeria’s procurement of this substantial loan from the World Bank signifies a significant milestone for President Tinubu’s administration. The favorable terms of the loan, coupled with the potential for additional financial support from other sources, bode well for Nigeria’s economic development and stability in the years to come.
Sahara Reporters
