The Nigerian government is on the verge of receiving a fresh $2.2 billion single-digit interest loan from the World bank.
Minister of Finance and Coordinating Minister for the Economy, Olawale Edun, disclosed this at a press briefing in Washington DC, United States on Saturday.
Edun also said at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting that the country is set to receive a new budget support facility from the African Development Bank.
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“We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant,” he stated.
The Minister added that it would be for about 10-20 years moratorium and about 1% interest.
“In addition, there is a similar budgetary support, a low-interest funding from the African Development Bank (AfDB),” Edun said.
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He said that there are ongoing discussions involving the Federal Government and foreign direct investors across many sectors.
He said diaspora remittances, foreign portfolio investments and facilities from the World Bank and other international development partners make up the international fundings.
