According to the finance minister of Nigeria, the country’s cabinet has accepted a planned loan of $1.5 billion from the World Bank. Following a cabinet meeting, Olawale Edun, the coordinating minister for the economy, informed the media that the World Bank has agreed to handle the concessionary funding.
The World Bank said on Friday that negotiations were underway with Nigeria to offer $1.5 billion in funding in support of the country’s important policy changes.
“This loan was approved by the cabinet today,” stated Edun. To bolster the nation’s slow economic development, President Bola Tinubu has started the boldest changes the nation has seen in decades.
Tinubu has eliminated a well-liked but expensive gasoline subsidy and eased limits on trading foreign exchange. However, the move has worsened double-digit inflation, which is presently at a nearly 20-year high, fueling the ire and frustration of a populace facing a crisis in the cost of living.
According to Edun, the World Bank’s willingness to handle the loan is based on the changes the administration has already implemented.
Additionally, he said that the government had authorized a $80 million loan from the African Development Bank for a project in southwest Ekiti state that would aid young people in the knowledge economy.
