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FG to Borrow Another $2.65 Billion Loan from the World Bank

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Zainab Ahmed

Federal Government in Talks With World Bank for $2.65bn New Loan

The Federal Government is presently in talks with the World Bank to secure a combined loan of $2.65 billion for both the states and itself, according to the Minister of Finance, Mrs Zainab Ahmed.

The Minister disclosed this during a Citi Bank Investor update call with the Federal Government of Nigeria.

Ahmed said the new loan negotiation with the World Bank is for a $1.5 billion facility for the Federal Government and another $1-1.5 billion for State Governments.

She said “World Bank Negotiations is on course and we are looking at world bank going to the board on 6th of August for Nigeria’s approval. They have met largely all the conditions for the facility.

Ahmed also confirmed the total amount the federal government is looking to borrow from the World Bank between now and October 2020.

“The amount we are raising in the first instance is $1.5 billion for FG and around September/October we are hoping to close out on the facility meant for states and the amount is meant to be $1-1.5 billion,” she stated.

In meeting organised by Citi Bank and titled “Covid-19 Economic and Budgetary Update” were:

Mrs. Zainab S. Ahmed – Finance Minister
Mr. Godwin Emefiele – CBN Governor
Ms. Patience Oniha – DG DMO
Mr. Ben Akabueze – DG Budget Office
And a representative of the Hon. Minister of Health.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.