The Minister of Finance, Wale Edun, announced that the federal government of Nigeria is set to receive a new $2.2 billion loan with single-digit interest from the World Bank, as well as additional budget support from the African Development Bank (AfDB).
Edun made this revelation during a press conference following Nigeria's participation in the World Bank/International Monetary Fund (IMF) Spring Meetings in Washington DC.
In discussing the various sources of international funding for the Nigerian economy, Edun highlighted diaspora remittances, foreign portfolio investments, and assistance from the World Bank and other international development partners.
He further explained that the country has been approved for a $2.25 billion package by the World Bank Board of Directors, which essentially functions as a grant with a moratorium period of 10 to 20 years and an interest rate of around one percent.
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