FG obtains $2.25bn loan from World Bank
Story from Usman UMAR
The World Bank has approved $2.25 billion loan to the Federal Government of Nigeria to strengthen the country’s economic stability and support its vulnerable populations.
The global financial institution approved two major financial initiatives which include the $1.5billion Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Programme.
The initiative aims to provide immediate financial and technical support for Nigeria’s economic stabilisation efforts.
The second initiative, the $750 million Nigeria Accelerating Resource Mobilisation Reforms Program-for-Results, focuses on enhancing the country’s non-oil revenue generation and safeguarding oil revenues to promote fiscal sustainability and deliver quality public services.
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Minister of Finance, Wale Edun, announced at the spring meetings of the IMF and World Bank last month that Nigeria had qualified for a loan of $2.25 billion from the World Bank at a low interest rate of one percent.
He said the funding package offers a 40-year term with a 10-year moratorium.
He described the loan as ‘virtually a grant’ due to its favourable terms, including a long repayment period and low interest rate.
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