By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: World Bank Approves $2.25Bn Loan for Nigeria at 1% Interest Rate
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

World Bank Approves $2.25Bn Loan for Nigeria at 1% Interest Rate

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: April 21, 2024
Share
2 Min Read
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun
SHARE

Nigeria has successfully secured a significant financial boost after qualifying for a $2.25 billion loan from the World Bank, announced Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

Speaking at a press conference during the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun revealed that the board approved the loan package of directors of the World Bank.

He detailed that the loan offers favorable terms, including a 40-year term, a 10-year moratorium, and a one percent interest rate.

Edun emphasized the importance of this financial injection, stating, “There is no such thing as a free lunch but it is the closest you can get to free money. It is virtually a grant.” He highlighted the significance of the loan in supporting Nigeria’s economic development and recovery efforts.

- Advertisement -

In addition to the World Bank loan, Edun disclosed that Nigeria has secured similar budgetary support and low-interest funding from the African Development Bank (AfDB). He also mentioned ongoing discussions with foreign direct investors, indicating potential investments that could further bolster the country’s economic prospects.

Addressing the need to increase government revenue, Edun outlined plans to improve the tax-to-GDP ratio from about 10 percent to 18 percent within a few years.

He stated the government’s aim to ramp up overall government revenue from about 12 percent to approximately 22 percent, essentially doubling it.

To achieve these ambitious targets, Edun highlighted the efforts of the tax reform and fiscal reform committee, which is tasked with rolling out measures to enhance efficiency in the tax sector and boost revenue generation.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:World Bank
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Lagos Seals RCCG Church Facilities Over Illegal Wastewater Discharge
Next Article Manchester United Secure FA Cup Final Berth After Thrilling Victory Over Coventry

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Ali Bukar Dalori
Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation
Politics
MI Abaga
MI Abaga Expresses Regret Over Past Support for APC
Celebrities
Senator Natasha Akpoti-Uduaghan
JUST IN: Court Grants Senator Natasha Akpoti-Uduaghan Bail on Self-Recognition
News Top stories
Anambra State Orders Investigation After Viral Video Shows Possible Anti-Touting Squad Excesses
News
Kano Governor, Emir Sanusi, and Jigawa Leaders Attend Alhaji Aminu Dantata’s Burial in Saudi Arabia
News
- Advertisement -
Ad imageAd image

You May Also Like

International

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

FG Rewards 18 Civil Servants with Cars, Laptops for Outstanding Service

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

FG Allocates N1.6tn to States, FCT for Infrastructure and Security Over 15 Months

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?