President Bola Tinubu’s administration on Saturday said Nigeria had secured a single-digit interest loan worth $2.25 billion from the World Bank.
He said the package offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.
Wale Edun, the Minister of Finance, made this known in Washington DC, the United States during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting.
He said Nigeria has qualified for “a total package of $2.25 billion,” which he described as the “closest you can get to a free lunch.”
Saying it is “virtually a grant,” Edun added that the loan is “for about 40 years, 10 years moratorium and about 1% interest”.
He said Nigeria will also benefit from budgetary support and “low-interest funding from the African Development Bank,” adding that there are “ongoing discussions with foreign direct investors across many sectors.”
By Rabiu Usman It was President Bola Tinubu that declared that in the first half…
A judge of a federal capital territory (FCT) high court, Jude Onwuegbuzie, has warned the…
ABUJA: Senior Special Assistant on Public Communications and New Media to Federal Capital Territory FCT Minister,…
Singer, Crown Uzama, popularly known as Shallipopi, has declared ace rapper, Olamide as the king…
The Economic and Financial Crimes Commission, EFCC, on Thursday, brought a Chinese, Zhengjia Jin, before…
Popular Nollywood movie marketer, Kazim Adeoti, has spoken about criticism surrounding his marriage to actress Mercy…
