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FEC approves $1.5bn loan from World Bank

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The Nigerian government has approved two loans to improve the country’s financial standing.

The approval was given during the Federal Executive Council—FEC meeting on Monday.

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.

 

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