The International Bank for Reconstruction and Development, better known as the World Bank has agreed a multi-billion dollars loan to the Buhari-led federal government.
According to a disclosure made by Business Day, a leading newspaper, on its Twitter account on Wednesday, the World Bank which is also known as the International Bank for Reconstruction and Development, has agreed to give Nigeria $2.5bn loan.
It was laearnt that one of the conditions for the release of the initial tranche of $1.5bn is a reform of Nigeria’s Forex market.
Recall that since January 2016, the President Muhamamdu Buhari-led federal government has been in talks with the bank on the loan.
The minister of finance, Kemi Adeosun, after a meeting with the executive of bank in Washington DC in May, said the loan was required to bridge the N1.8trn deficit in the budget, and also to fund infrastructural projects.
“We had discussions with the World Bank around our budget support request and we have been able to have very productive meetings to understand what the next steps are in the process and we are very positive of a good outcome,” she had said.