NIGERIA TO BORROW LOANS FROM WORLD BANK,CHINA AND JAPAN



The federal government has approved plans for external borrowing from the World Bank, China and Japan.

The debt will come from institutions including the World Bank, African Development Bank, Japan International Cooperation Agency and Export-Import Bank of China, the presidency commented on Twitter.

It states that focus will be on “low-cost, long-term” loans with interest rates of 1.25 percent and maturities of 20 years. Details of a Eurobond will be announced “in due course.” However, the federal government is waiting for lawmakers to approve the plans, the presidency said.

President Muhammadu Buhari announced a record of 6.1 trillion naira ($19.4 billion) spending plan this year to try and stimulate the economy, which contracted in the first two quarters as oil revenue crashed. He said he expected the government to raise about $5 billion from the Eurobond market and multilateral and bilateral lenders.

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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