• Contact Us
  • About Us
Saturday, May 24, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Nigeria not sure yet how much to borrow from World Bank -minister

metro by metro
February 16, 2017
in Economy
0
0
SHARES
0
VIEWS

Udoma Udo UdomaNigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year.

Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion.

Read Also

BudgIT Raises The Alarm Over Budget Padding Worth N6.93trn By NASS In 2025 Budget

DMO Allots Over N4.28b In FGN Savings Bonds For May 2025

FG, States, LGs Share N1.681trn April, 2025 Revenue

“The figure will depend on the (2017) budget approved by the National Assembly,” Udoma Udo Udoma, minister for budget and national planning, told reporters when asked about the application.

“We are waiting for the passage of the budget by the National Assembly so that we will know the budget gap or the actual deficit before we can go to the World Bank for loan.”

Nigeria, which relies on oil revenue for most of its income, is struggling to drag itself out of its first recession for 25 years. It needs to plug a gap in its record 7.3 trillion naira 2017 budget aimed at stimulating the economy.

It had planned to apply for a World Bank loan last year but the process ground to a halt because it failed to submit its economic recovery plans by the end of December as initially promised, sources told Reuters last month.

The African Development Bank (AfDB) has been holding back the second, $400 million, tranche of a $1 billion loan because it is also awaiting a reform plan from the government.

Nigeria will present its economic proposals to the AfDB at the same time as the World Bank, government officials said last week.

 

Tags: Udoma Udo Udoma
Previous Post

What I discussed with President Buhari — Donald Trump

Next Post

Nigeria raises 160b naira bonds at yields below inflation

Related Posts

‘Gasping For Breath’ By Nigerians Continues As Analysts Forecast Further Inflation Increase
Economy

BudgIT Raises The Alarm Over Budget Padding Worth N6.93trn By NASS In 2025 Budget

May 20, 2025
Debt Management Office
Economy

DMO Allots Over N4.28b In FGN Savings Bonds For May 2025

May 17, 2025
FG, States, LGs Share N954bn FAAC In July, Highest Monthly Allocation Under Buhari Administration
Economy

FG, States, LGs Share N1.681trn April, 2025 Revenue

May 16, 2025
National Bureau
Economy

Nigeria’s Inflation Drops To 23.7% As Prices Of  Staples, Other Food Items Reduce

May 15, 2025
Next Post
Debt Management Office

Nigeria raises 160b naira bonds at yields below inflation

Invest Hong Kong Global Outreach Campaign Connects Eastern Europe, Africa and the Middle East to Engage with Emerging Markets

May 21, 2025
WHO

World Leaders,  Others, Pledge Over $170m For WHO Ahead Of US Exit

May 21, 2025
Borno Governor Zulum Accuses Politicians, Soldiers As Informants To Boko Haram

Borno Governor Zulum Accuses Politicians, Soldiers As Informants To Boko Haram

May 21, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version