FG, World Bank and others on $6.5bn balance of payment loan

FG, World Bank and others on $6.5bn balance of payment loan

The Central Bank of Nigeria as described the financial state as worrisome, which comes as a result of global shock in Covid-19 pandemic.

The country’s decline in growth with large financial needs with it’s the nation’s balance of payment gap at $14 billion for year 2020, which would require a deficit funding through loans.

According to the Finance Minister, Zainab Ahmed has on Tuesday June 22, 2020, through a conference call spoke to an investor for the World Bank plans to meet on August 6, 2020, on the Nigerian funding request.

She also said that, The Nigerian Government is already in open talks with Afreximbank for a new loan to finance its economy.

The country needs $6.5 billion but would source $150 million from its sovereign wealth fund to augment revenue disbursements.

The $3.4 billion emergency funds for Nigerian government, which was approved in April by International Monetary Fund (IMF), support its response to the coronavirus pandemic. In another development, the Nigeria Governors Forum (NGF) and the Nigeria Centre for Disease Control (NCDC) on Wednesday June 23, 2020, signed a Understanding Memorandum on the World Bank N3.7 billion COVID-19 response support to 36 states including the FCT, which the sum of N100 million would be paid directly to a dedicated account of each state government.

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