W’Bank prequalifies Nigeria for ‘friendly’ $2.25b loan

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The World Bank Group has prequalified Nigeria for a $2.25 billion loan at a one per cent rate, a 40-year term with a 10-year moratorium.

Deputy Governor, Economic Policy Central Bank of Nigeria , Muhammad Sani Abdullahi ; Permanent Secretary, Federal Ministry of Finance, Lydia Jafiya; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Managing Director, International Monetary Fund, Kristalina Georgieva; Governor, Central Bank of Nigeria , Olayemi Cardoso, and Director General, Debt Management Office , Nigeria, Patience Oniha, during a visit of the Nigerian delegation to the Managing Director of the IMF, in...

He said: “If you look at the fact that we have qualified for the processing, just this week to the Board of Directors of the World Bank, of the total package of $2.25 billion of what you can call, I mean, if there is no such thing as a free lunch, but it is the closest you can get to free money. It is virtually a grant. It is for about 40 years, 10 years moratorium and about one per cent interest. So that also is part of the flow you can count.

Controversies and condemnations, yesterday, trailed the conduct of the All Progressives Congress governorship primaries in the 203 political wards of the state. Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has explained the new functions and roles the re-launching of the National Centre for Artificial Intelligence and Robotics would bring to the country’s digital space.

 

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