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Federal Government in talks with World Bank for another $2.5billion loan

Minister of Finance, Zainab Ahmed

Hafez Ghanem, the World Bank Vice President for Africa, has revealed that the Federal Government of Nigeria is currently requesting for a $2.5billion loan from the bank.

“We are talking about a new set of programmes of about the same amount, it should be around $2.5bn,” Ghanem said.

He further noted that the power sector problems in Nigeria must be resolved in order to bring in more investments.

“It is important to resolve the problems of the power sector in Nigeria to bring in more investments because you need to bring down the cost of power to make the economy more competitive for the development of industries,” Ghanem added.

Nigeria had recently received $2.4billion loan from the bank. Many citizens (including experts) had expressed worries over the increasing debt profile of the country.

However, Zainab Ahmed, the Minister of Finance, Budget and National Planning, had noted that the Nigeria does not have debt problem, but just revenue problem.

She noted that Nigeria’s debt is not too high, adding that it is still very much within a reasonable fiscal limit.

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