Home Business Moghalu Kicks as FG Plans Fresh $1.5bn World Bank Loan
BusinessNews

Moghalu Kicks as FG Plans Fresh $1.5bn World Bank Loan

Share
Moghalu Kicks as FG Plans Fresh $1.5bn World Bank Loan | Daily Report Nigeria
Share

Plans by the Federal Government to borrow a fresh $1.5 billion loan from the World Bank have attracted kicks and condemnation from various quarters.

Daily Report Nigeria reports that Wale Edun, the Minister of Finance and Coordinating Minister of the Economy while speaking with newsmen at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the government’s plan to receive the loan.

In the Minister’s statement: “On the talks with the World Bank on $1.5 billion budget support, that is correct.

“The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programs, and sectors.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

“It has free money through either International Development Association (IDA).

“It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero,”

ALSO READ: FG Commences Low Altitude Flights in Taraba For Geographic Survey

The development has been greeted with differing reactions from stakeholders, including Dr. Kingsley Oghalu, a former Deputy Governor of the Central  Bank of Nigeria.

Reacting via his X official page, Moghalu said Nigeria is becoming a carcass, “and our political class its scavengers.”

“There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country.

“Nigeria is becoming a carcass, and our political class its scavengers,”

READ MORE FROM DAILY REPORT NIGERIA

Ijaws Raise Alarm Over Marginalisation in Tinubu’s Government

Reps to Distribute Official Vehicles as Nationwide Hardship Bites

NUC Warns NBTE Against Top-up Degree Program For Polytechnic Graduates

Nigeria Ranked Second Most Praying Nation on Earth

CBN Lifts Ban on Importation of 43 Items (FULL LIST)

Lamentations as Cooking Gas Price Hits N1,200 Per KG

Queues Return as Fuel Price Hits N1000 in Abuja

2023 WASSCE: WAEC Denies Ranking Abia as Top Performing State

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
UN Judge Bags 6 Years Imprisonment Over Salve Trade
News

UN Judge Bags 6 Years Imprisonment Over Househelp Salvery

A drastic action has been taken concerning a judge accused of modern...

Renewed killings in Plateau, Benue, others threat to food security, experts warn | Daily Report Nigeria
News

Renewed killings in Plateau, Benue, others threat to food security, experts warn

Farmers in Nigeria face increased insecurity, threatening food production. Attacks in Plateau...

EFCC to Probe Kwankwanso, Fayose, Odili, Sylva, 9 Other Ex-Govs For N853.8bn Fraud
News

$3bn Refinery Scandal: EFCC Arrests Sacked MDs, N80bn Found in One’s Accounts

EFCC arrests sacked MDs and top officials of Nigeria’s state-owned refineries over...

Threads By Meta
Business

Meta threatens to shut down operations in Nigeria over $290 million fine

Meta threatens to shut down operations in Nigeria over a $290 million...