President Tinubu gets approval for $1.5bn World Bank, $80 million AfDB loans

President Tinubu government has gotten approval for $1.5bn World Bank and $80 million AfDB loans.

 

Newsonline Nigeria reports that President Bola Tinubu federal government has gotten approval for two different loans to improve the country’s financial standing.

 

This Nigeria news platform understands that the approval was given during the Federal Executive Council (FEC) meeting on Monday.

 

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The first is a $1.5 billion loan from the World Bank, and the second is an $80 million loan from the African Development Bank (AfDB).

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that these loans were sought because they are cost-effective and consensual.

 

The FEC meeting, which is the second since President Tinubu’s inauguration on May 29, was followed by the swearing-in of three additional ministers: Jamila Bio Ibrahim, Balarabe Abbas, and Ayodele Olawande.

 

Minister Edun emphasised the necessity of borrowing from these institutions to strengthen Nigeria’s financial position. Aliyu Bagudu, the Minister of Budget and National Planning, announced that the FEC directed the timely submission of the 2024 budget proposal by December this year.

 

Furthermore, it was decided during the FEC meeting that the council would hold its weekly meetings on Mondays, departing from the traditional Wednesday schedule.