BREAKING: Tinubu Set To Do What Will Set Tongues Wagging In Nigeria (DETAILS)

BREAKING: Tinubu Set To Do What Will Set Tongues Wagging In Nigeria (DETAILS)

Despite the increasing debt burden on the country, the Federal Government is in the process of finalizing a $1.5 billion loan from the World Bank.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has stated that this new loan, which has been in the pipeline for some time, will soon be made available.

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Edun further emphasized that, in light of the current global high interest rate environment, the Federal Government will prioritize initiatives for financing on favorable terms.

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The Minister said: “On the talks with the World Bank on $1.5 billion budget support, that is correct. The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programmes, and sectors.

“It has free money through either International Development Association (IDA). It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero.

“So, therefore, there is no stigma attached to qualifying for World Bank funding to help finance development. In this particular case, it has long been in the pipeline, and we are hoping that funding will come through soon. A lot of hard work is being done. There is a Federal Executive Council meeting on Monday, that should be able to discuss this, as well as other initiatives for financing on reasonable terms. We have talked about the high costs of money, the World Bank money is the cheapest”.