Nigeria requests for $1bn loan from AFDB

Kemi-Adeosun-YNaija

The African Development Bank has revealed that Nigeria has requested for a $1 billion loan to help fund the budget deficit.

The federal government has revealed that it is considering borrowing as much as $5 billion to help fund a deficit due to the drop in global oil prices.

According to Reuters, the bank disclosed that it was considering giving the loan to Nigeria where the drop in crude prices has adversely affected the economy.

An appraisal team is expected to be sent to work with Nigerian authorities on the prospective loan.

The Minister of Finance, Kemi Adeosun, had earlier during the week admitted that Nigeria had held an exploratory talks with the World Bank and looked at options to borrow from the AFDB and China Exim Bank.

She also revealed earlier this month that about $4 billion might come from international institutions and the remainder from Euro bonds.

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