Advertisements

Nigeria approaches World Bank for fresh $2.5bn loan

The World Bank has said that it is in talks with Nigeria for a fresh loan of $2.5bn.

This is despite a $2.4bn loan obtained by Nigeria in 2018.

The Vice-President for the African division of the World Bank, Hafez Ghanem, said this during an interview with Bloomberg on Wednesday.

Ghanem said, “We’re talking about a new set of programs of about the same amount, it should be around $2.5bn.”

Faced with revenue shortfalls as the output and price of oil, Nigeria’s main export, fell in the past five years, President Muhammadu Buhari’s administration has increased borrowing to finance government spending, with domestic debt at $55.6bn and foreign loans at $25.6bn.

To ease the mounting debt burden, Nigeria has sought more credit with low interest and long repayment periods from institutions including the World Bank and the African Development Bank.

 

 

 

– Punch

Advertisements

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: