Home Business Budget Support : FG Secures $1.5bn Loan from World Bank

Budget Support : FG Secures $1.5bn Loan from World Bank

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The Federal Government of Nigeria has secured a $1.5 billion concessional loan for budget support from the World Bank.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this while briefing State House Correspondents after the Federal Executive Council meeting presided over by President Bola Tinubu.

Edun also disclosed that an $80 million financing from the African Development Bank was also approved by the Council, this is to Finance a project in Ekiti called Project EKZ basically to support young people and towards advancement of technology in the country.

On his part, the Minister of Budget and National planning, Atiku Bagudu said the Executive is in talks with the Legislature on consideration of the Medium Term Expenditure Framework 2024 to 2026, and also the projected presentation of the 2024 Budget of 26.01 Trillion naira to the National Assembly.

Also the ministers of Labour and Employment, and industry, trade and investment said they presented memos on various interventions including the approval for implementation of the federal government’s agreement with the organised labour.

The Finance Minister also reiterated that President Tinubu will not breach statutory limits in obtaining budget support facilities from the Central Bank of Nigeria (CBN) through the Ways and Means Advance

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