Tinubu Govt Secures $2.25 Billion World Bank Loan Amid Nigeria’s $87.38 Trillion Public Debt

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The Nigerian government, led by Finance Minister Wale Edun, proudly announced securing a substantial $2.25 billion loan from the World Bank. This achievement was unveiled during a joint press conference at the spring meetings of the IMF and the World Bank in Washington D.C.

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In the midst of this, Naija247news reports alarming economic statistics for Nigeria. The country grapples with a staggering inflation rate of 28.2 percent, and its public debt has skyrocketed to N87.38 trillion as of Q2, 2024, compared to N49.85 trillion in Q1, as reported by the Nigerian Bureau of Statistics (NBS).

Despite these challenges, there’s a glimmer of hope as the UN report forecasts a slight increase in Nigeria’s growth rate, from 2.9 percent in 2023 to 3.1 percent in 2024.

Finance Minister Edun highlighted the favorable terms of the loan, emphasizing its 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.

In response to concerns about debt sustainability, Edun stressed the importance of revenue generation, particularly focusing on ramping up oil production under President Bola Tinubu’s economic strategy.

Additionally, Nigeria is exploring innovative avenues to bolster foreign exchange reserves and attract investment, including initiatives like a diaspora bond to tap into funds from Nigerians abroad.

However, Nigeria faces challenges with its external debt, which stood at $41.5 billion (N31.98 trillion) as of September 30, 2023, according to the Debt Management Office (DMO). The devaluation of the naira has further exacerbated this issue.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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