Skip to main content

World Bank Agrees To Give Nigeria $2.5bn Loan


The International Bank for Reconstruction and Development, popularly known as the World Bank has agreed to give Nigeria a $2.5bn loan

According to a tweet by Business Day Online, a Nigerian newspaper, the first tranche of $1.5bn is tied to a reform of Nigeria's Forex market.

http://www.cambellsblog.com/2017/02/world-bank-agrees-to-give-nigeria-25bn.html

Comments

Popular posts from this blog

Budget Funding: FG Set To Borrow Another N110bn Via Local Bond Issue

ABUJA—As part of its fiscal funding plans, the Federal Government, through the Debt Management Office, DMO, is set to raise another bond amounting to N110 billion for budgetary deficit funding next week. The bond issue is coming against the backdrop of an emerging discord between executive and the legislative arms of government over resort to borrowings for budget funding. Next week’s bond issue will be the second this year, which in addition to another issue planned for next month, will bring total amount of debt raised in the first quarter of 2017 to N430 billion. Under the debt auction, the DMO said it will issue N45 billion of bonds maturing in 2021, N20 billion of 2026 paper, and N45 billion of bonds due in 2036, using the Dutch auction system. Settlement for the bonds, all of which are re-openings of previous issues, is expected Thursday, February 16, 2017. DMO uses monthly sovereign bond sales to support the local debt market, create a benchmark for corporate bonds a...

FG Secures $7.5bn Loan From China For Rail Project

The Federal Government has secured $7.5 billion loan for the construction of standard rail gauge from Lagos to Kano, an official has said. The $7.5 billion is part of the $30 billion loan the Federal Government seeks to take and for which it has sought approval from the National Assembly. The Minister of Transportation, Rotimi Amaechi, who disclosed this on Monday at the North Central Town Hall meeting held in Ilorin for the people of Kogi, Niger and Kwara states, urged Nigerians to impress it on the National Assembly to approve the loan request so that the Federal Government can go ahead with the project. But the Senate in a statement by its spokesperson, Aliyu Abdullahi, on Wednesday in Abuja, said that the minister’s claim was not only false but misrepresenting and contradictory to available facts. It insisted that the minister must withdraw the claim. According to Amaechi, the loan was secured from a Chinese bank and the ministry is waiting for approval of the National Asse...

Soldiers arrest suspected robbery kingpins in Abia

Soldiers of the 14 Brigade, Ohafia, Abia State has arrested two suspected robbery kingpins who have allegedly been terrorizing motorists along Opobo – Azumini highway, in Ukwa East council area. It was gathered that the suspected robbery kingpin, Victor John and Nsikak Johnson, were nabbed by soldiers at a checkpoint along Azumini highway and handed over to Abia State Police Command. The state Commissioner of Police, Mr. Leye Oyebade, who confirmed the handover of the suspects to the police, said, “The synergy of the Abia State Police Command with sister agencies paid off, when officers of the Nigerian Army, 14 Brigade, Ohafia, on checkpoint at Azumini Road in Ukwa East, arrested the suspects and handed over to the operatives of the Anti-Kidnapping Section of the State Criminal and Intelligence Department. They confessed to the crime and effort is being intensified to arrest other members of their gang.”