Tinubu's Govt Secures $2.25bn World Bank Loan With 1% Interest Rate

Date: 22-04-2024 9:10 pm (1 month ago) | Author: kacy lee
- at 22-04-2024 09:10 PM (1 month ago)
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Minister of Finance and coordinating minister of the economy, Wale Edun has announced that Nigeria has secured a $2.25bn World Bank loan with a 1% interest rate.

Speaking at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun disclosed that the loan was approved by the board of directors of the World Bank, and offers a 40-year term, a 10-year moratorium, and a one percent interest rate.

The minister said;

“If you look at the fact that 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.

“There is no such thing as a free lunch but it is the closest you can get to free money. It is virtually a grant. It is about 40 years, 10 years moratorium and about one percent interest. That also is part of the flow that you can count.”

He added that Nigeria also secured similar budgetary support and low-interest funding from the African Development Bank (AfDB). Edun said;

“Clearly, there are also ongoing discussions with foreign direct investors. Some of these things take longer than you expect but they are relatively advanced discussions on major foreign direct investments flows into the country, specific transactions with specific companies, institutions, and authorities.”


Posted: at 22-04-2024 09:10 PM (1 month ago) | Addicted Hero
- Dopybadass at 22-04-2024 09:16 PM (1 month ago)
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 Huh? Huh?
Posted: at 22-04-2024 09:16 PM (1 month ago) | Gistmaniac
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- gogoman at 22-04-2024 09:44 PM (1 month ago)
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 Grin Grin Grin he dey work
Posted: at 22-04-2024 09:44 PM (1 month ago) | Grande Master
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- kp45 at 22-04-2024 09:45 PM (1 month ago)
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Secure for looters
Posted: at 22-04-2024 09:45 PM (1 month ago) | Addicted Hero
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- fineboy77 at 22-04-2024 10:26 PM (1 month ago)
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Looters don secure the bag

Posted: at 22-04-2024 10:26 PM (1 month ago) | Addicted Hero
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- Jiiitk4 at 23-04-2024 11:05 AM (1 month ago)
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He said that he will continue from where Buhari stopped.
Posted: at 23-04-2024 11:05 AM (1 month ago) | Gistmaniac
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