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

Published 3 weeks ago by: kacy lee
at 09:27 PM, 19/09/2019 (3 weeks ago)

(24077 | Addicted Hero) Online (f)


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.

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nonsovin at 10:05 PM, 19/09/2019 (3 weeks ago)
(3146 | Gistmaniac) (m)

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 at 10:17 PM, 19/09/2019 (3 weeks ago)
(25 | Newbie) (f)

Quote from: nonsovin on 10:17 PM, 19/09/2019
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 at 07:13 AM, 20/09/2019 (3 weeks ago)
(1411 | Gistmaniac) (m)

World bank would be foolish to give d loan
Reply
james987 at 10:36 AM, 20/09/2019 (3 weeks ago)
(8508 | Hero) (m)

Up buhari
Reply

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