Nigeria may miss $1.2bn World Bank Loan_Good Deal for the People or for the West/Elite?
(Warning..!) F.Y.I. Not responsible if Admin has a different headline & caption from the above..!
(Warning..!) F.Y.I. Not responsible if Admin has a different headline & caption from the above..!
The Punch
October 15, 2012
The delayed approval by the National Assembly of a request by the Federal Government for a $1.2bn infrastructure loan from the
World Bank may make the country lose the loan offer. The Minister of Finance, Dr. Ngosi Okonjo-Iweala, said that the fund had been approved by the bank for Nigeria and could have been accessed but for the National Assembly’s delay in approving the deal.
She said that the World Bank had indicated at its meeting, which ended on Sunday, that it could withdraw the offer from Nigeria if the country did not show firm interest in taking it.
Okonjo-Iweala said, “The World Bank has approved the $1.2bn loan at zero interest, 40 years repayment period, with 10 years of grace and only 0.7 per cent commitment charge and it is sitting there. The loan is designed for power, water, health and so on, and it is not being approved. They are telling us at this meeting that if we do not indicate we are going to use this money very soon, they will have to move it to other countries.
“If Nigeria does not use it soon, what will happen, they are going to take it elsewhere. We are waiting for the National Assembly approval.” Okonjo-Iweala said that the Federal Government was trying hard to keep Nigeria’s debt profile at a reasonable level.
Also speaking on the issue, the Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, said if Nigeria did not take the loan at zero per cent interest, the country might have to borrow in naira and pay high interest rate.
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deboalabi262
ahlaan
chrisray
winace
dlimelite
Nigeria is not a poor country. The money is just being misused. 
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