FG secures fresh $2.2bn World Bank loan

President Bola Tinubu’s administration says Nigeria has secured a single-digit interest loan worth $2.25 billion from the World Bank.

He said the package offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.

Wale Edun, the Minister of Finance, made this known in Washington DC, the United States during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting.

He said Nigeria has qualified for “a total package of $2.25 billion,” which he described as the “closest you can get to a free lunch.”

Saying it is “virtually a grant,” Edun added that the loan is “for about 40 years, 10 years moratorium and about 1% interest”.

He said Nigeria will also benefit from budgetary support and “low-interest funding from the African Development Bank,” adding that there are “ongoing discussions with foreign direct investors across many sectors.”