During the second Federal Executive Council (FEC) meeting, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that President Bola Tinubu’s administration had successfully secured a $1.5 billion zero-interest loan from the World Bank.
Mr. Edun disclosed this information to State House Correspondents after the FEC meeting in Abuja.
The FEC had approved the application for financing from the World Bank’s International Development Association (IDA), which provided virtually interest-free loans.
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Where is the money going to?
Nigeria’s ability to access $1.5 billion from the IDA was a result of the country’s macro-economic efforts to restore economic balance and fiscal stability, garnering support from multilateral development banks.
This support prompted the World Bank to process $1.5 billion in concessional financing for the country, offering relatively affordable and quickly dispersing funding.
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Furthermore, during the same meeting, the FEC approved an additional $80 million in financing from the African Development Bank for the Ekiti Knowledge Zone (EKZ) project.
This initiative aimed to empower young individuals in the field of the Knowledge Economy through technology and communication.
The project sought to support and train young people, enabling them to leverage technology and become part of the knowledge economy.
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