The Federal Government of Nigeria has successfully obtained a $1.5 billion concessional loan from the World Bank to bolster its budgetary needs.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this announcement while briefing State House Correspondents after the Federal Executive Council meeting, presided over by President Bola Tinubu.
In addition, Edun revealed that the Council also approved an $80 million financing package from the African Development Bank. This funding will be directed toward a project in Ekiti known as Project EKZ, with a primary focus on supporting the younger population and advancing technological advancements in the country.
The Minister of Budget and National Planning, Atiku Bagudu, added that the Executive is currently engaged in discussions with the Legislature regarding the consideration of the Medium-Term Expenditure Framework for the years 2024 to 2026. They are also preparing to present the 2024 Budget, amounting to 26.01 trillion naira, to the National Assembly.
Furthermore, the Ministers of Labour and Employment, as well as Industry, Trade, and Investment, presented proposals for various interventions, including the approval for implementing the federal government’s agreements with organized labor.
The Finance Minister reaffirmed that President Tinubu is committed to staying within statutory limits when obtaining budget support facilities from the Central Bank of Nigeria (CBN) through the Ways and Means Advance.