The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the federal government is currently engaged in discussions with the World Bank regarding a $1.5 billion budget support facility.
Edun disclosed this during the Nigerian Delegation briefing at the sideline of the International Monetary Fund (IMF)/World Bank Annual Meeting in Marrakech, Morocco. He emphasized that there is no stigma associated with securing World Bank funding to support developmental initiatives.
He elaborated:
“In reference to the ongoing negotiations with the World Bank for a $1.5 billion budget support facility, this information is accurate. The World Bank stands as a paramount multilateral development bank dedicated to assisting and financing projects, programs, and sectors in developing countries. The institution offers concessional support through the International Development Association (IDA), specifically designed for economically disadvantaged nations. At present, Nigeria is eligible to borrow both from the regular World Bank funding window and the concessional IDA funding, which essentially translates to negligible interest rates.
This initiative has been in progress for some time, and we are optimistic about the forthcoming funding. A Federal Executive Council meeting is scheduled for Monday to deliberate on this matter, in addition to other financial undertakings. We are cognizant of the high cost of capital, and the World Bank’s financial support offers the most affordable solution.”
Regarding the International Monetary Fund’s recommendations to increase taxes and interest rates, Edun clarified that Nigeria does not currently have an active loan program with the IMF and, therefore, is not privy to any advice or proposals from them regarding tax and interest rate adjustments.
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