Nigeria received a significant financial boost after the World Bank approved a US $2.25 billion (N2.58 trillion) loan for the country. This loan package offers highly favorable terms, potentially easing the nation’s economic burdens.
Wale Edun, Nigeria’s Minister of Finance, announced the news during a press conference held at the International Monetary Fund (IMF) and World Bank Group meetings in Washington D.C, according to Business Day.
He described the loan as “virtually a grant” due to its exceptional terms. The package boasts a repayment period of 40 years, with a 10-year grace period before repayments begin, and an incredibly low interest rate of just one percent.
Edun emphasized the exceptional nature of the deal, stating, “There is no such thing as a free lunch, but it is the closest you can get to free money.” He added that Nigeria is also securing similar budgetary support and low-interest funding from the African Development Bank (AfDB).
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
