Federal Govt Continues To Borrow, Seeks Fresh $2.5bn Loan From World Bank

9 months ago by: kacy lee
-- (f) at 19-09-2019 09:27PM (9 months ago)

(27613 | Addicted Hero)


Despite a $2.4bn loan obtained by Nigeria in 2018, the World Bank has said it is in talks with Nigeria for a fresh loan of $2.5bn.

Revealing this to Bloomberg on Wednesday, Vice-President for the African division of the World Bank, Hafez Ghanem, said: “we’re talking about a new set of programs of about the same amount, it should be around $2.5bn.”

President Muhammadu Buhari’s government has increased its borrowing to finance government spending, with domestic debt at $55.6bn and foreign loans at $25.6bn.

The country is also faced with revenue shortfalls as the output and price of oil, Nigeria’s main export, fell in the past five years.

Nigeria has been seeking credit with low interest, long repayment periods from institutions to ease its burden, including the World Bank and the African Development Bank.



-- nonsovin (m) at 19-09-2019 10:05PM
(3296 | Gistmaniac)

Who's going to pay back all these loans and when?? And what are all these money where used for please??
One thing I don't understand is that.. I've been hearing about billions and millions of money recovered, but I haven't heard about how the money were spent or where exactly the money where kept.
Can someone please help me with some explanations please..
Reply
-- Nikkimee (f) at 19-09-2019 10:17PM
(29 | Newbie)

Quote from: nonsovin on 19-09-2019 10:17PM
Who's going to pay back all these loans and when?? And what are all these money where used for please??
One thing I don't understand is that.. I've been hearing about billions and millions of money recovered, but I haven't heard about how the money were spent or where exactly the money where kept.
Can someone please help me with some explanations please..
I dont understand country called Nigeria,  what is this money for?
Reply
-- Henrybobo (m) at 20-09-2019 07:13AM
(2075 | Gistmaniac)

World bank would be foolish to give d loan
Reply
-- james987 (m) at 20-09-2019 10:36AM
(8655 | Hero)

Up buhari
Reply
-- CHRISETTE (f) at 27-01-2020 03:04PM
(12680 | Hero)

With all the money they are collecting they have not been able to pay the minimum wage
Reply