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BREAKING: World Bank Agrees To $2.5bn Loan Budget Support For Nigeria

By Philips Sunday
Abuja, (AN24) – The International Bank for Reconstruction and Development, popularly known as World Bank on Wednesday, February 15, agreed to Support Nigeria’s budget with a $2.5bn loan.
The World Bank however listed a reform of Nigeria’s Forex market as one of the conditions for the release of the initial tranche of $1.5bn.
The development was disclosed on micro blogging site, Twitter by a leading business newspaper, ‘ Business Day’.
The paper tweeted: “BREAKING: @WorldBank agrees to $2.5bn #budget support for Nigeria. First tranche of $1.5bn tied to CBN reform of FX market via @MyBankRateNG“.
Recall that the Federal Government of Nigeria has been in talks with the bank on the loan since January 2016.
Recall also that Nigeria’s Minister of Finance, Kemi Adeosun after a meeting with the executive of bank in Washington DC in May, said the loan was required to bridge the N1.8trn deficit in the budget, and also to fund infrastructural projects.
In her words, “We had discussions with the World Bank around our budget support request and we have been able to have very productive meetings to understand what the next steps are in the process and we are very positive of a good outcome,” she had said.
Meanwhile as at the time of filing this report, the Federal Government of Nigeria was yet to make a statement as regards the $2.5bn World Bank loan.
Details later:…………………………………….
