The Federal Government of Nigeria is seeking a new loan from the World Bank.
It is a $2.5bn loan.
Minister of Budget and Economic Planning, Atiku Bagudu, who gave a reason for the loan says the proposed 2024 supplementary budget would be partly financed with the ₦50 billion Presidential Infrastructure Development Fund (PIDF) currently held by the National Sovereign Wealth Investment Authority (NSWIA).
He, however said that the ₦50 billion was not sufficient to fund the ‘Renewed Hope Transformational Projects’, prompting the Federal Government to seek a $2.5 billion loan from the World Bank.
He made this known while briefing the joint session of the Senate and House of Representatives committees on National Planning and Economic Affairs regarding the proposed Supplementary Appropriation Bill.
He revealed that the World Bank’s management would soon convene to decide on the loan’s approval.
According to him, the budget would allocate more funds to support Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to enhance energy competitiveness.
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