Nigeria Will Receive New $2.2 Billion Loan From World Bank Under Tinubu Government

Apr 23, 2024 | Politics | 0 comments

Wale Edun, the Minister of Finance, announced in Washington DC, the United States, during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting that President Bola Tinubu’s administration had secured a single-digit interest loan worth $2.25 billion from the World Bank.

The package offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.

Edun described the loan as the “closest you can get to a free lunch,” stating it is “virtually a grant.” He added that the loan is “for about 40 years, with a 10-year moratorium and about 1% interest.”

Nigeria has qualified for “a total package of $2.25 billion,” he stated. He further highlighted that Nigeria will also benefit from budgetary support and “low-interest funding from the African Development Bank,” adding that there are “ongoing discussions with foreign direct investors across many sectors.”

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