Nigeria: Govt refutes report on emergency World Bank loan

*Kemi Adeosun, Nigeria's finance minister.

*Kemi Adeosun, Nigeria’s finance minister.

01 February 2016, Abuja — Nigeria’s Minister of Finance Mrs. Kemi Adeosun has refuted a report published by Financial Times suggesting that Nigeria has applied for emergency loans from the World Bank and the African Development Bank, AfDB.

In a statement released by her Special Adviser on Media Matters, Festus Akanbi, she said Nigeria had not applied for any emergency loan.

The statement quoted the minister as saying “the truth is that Nigeria, as part of the plans to fund the 2016 budget currently undergoing the approval process of the National Assembly, has indicated an intention to borrow N1.8 trillion principally for investment in capital projects to stimulate the economy.”

She said the option of the World Bank is to ensure an optimum financing structure, noting that 2016 budget is part of the Medium-term economic framework of the Federal government, which the World Bank is aware of.

According to her, the proposed budget deficit will be funded equally through external and domestic sources.

“Nigeria is exploring the options of multi-lateral agencies like the World Bank and AFDB and export credit agencies such as China Exim Bank due to their concessionary interest rates.

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