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Nigeria edges closer to securing $3bn World Bank facility

Nigeria is close to securing a total of $3 billion as loan from the World Bank, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said. The Minister, who disclosed this during a Citi Bank Investor update call with the Nigerian government yesterday, stated that negotiations with the World Bank “is on course” for a $1.5 billion facility for the Federal Government and another $1-1.5 billion for state governments.”

Ahmed was quoted by Nairametrics as saying that: “World Bank negotiation is on course and we are looking at the World Bank going to the board on 6th of August for Nigeria’s approval. They have met largely all the conditions for the facility. “The amount we are raising in the first instance is $1.5 billion for FG and around September, October we are hoping to close out on the facility meant for states and the amount is meant to be $1-1.5 billion.”

The National Assembly had, a few weeks ago, approved President Muhammadu Buhari’s $5.51 billion loan request, which the President said would enable his government to fund the revised 2020 budget. Specifically, the government said it plans to borrow $3.4 billion from the International Monetary Fund (IMF), $1.5 billion from the World Bank to fund the budget deficit, $500 million from the African Development Bank (AfDB) to be partly utilised for the COVID- 19 crisis response budget as well as funding the 2020 budget deficit and $113 million from the Islamic Development Bank to also partfinance the budget deficit. The IMF approved and disbursed $3.4 billion facility to Nigeria in April. According to the Debt Management Office (DMO), Nigeria’s total debt stock (made up of foreign and domestic) as of December 2019, stood at N27.4 trillion.

 

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