Nigeria: To Address Fiscal Gap in 2023 Budget, Govt Seeks Fresh $1.5bn Loan Facility From World Bank

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this while speaking with journalists at the ongoing 2023 Annual Meetings of the World Bank and the International Monetary Fund in Marrakech, Morocco.

Shedding more light on the proposed budget financing, the finance minister said:"In this particular case, it has long been in the pipeline, and we are hoping that funding will come through soon. According to Edun, the newly constituted fiscal policy and tax reform committee that was recently inaugurated by the federal government was focused on domestic revenue mobilisation.

"However, having made that commitment and given that direction of travel, I think the idea and commitment is to come within whatever is the statutory limit as soon as possible," Edun said. He said:"We can put it down to our first success in leading Sub-Saharan Africa at the World Bank and the IMF. It is the achievement of the third chair of the SSA on the board of the IMF.

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