Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,540 members, 7,808,991 topics. Date: Thursday, 25 April 2024 at 08:40 PM

Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB (28222 Views)

NNPCL Fails To Remit $6.9 Billion, Swaps $7.1 Billion Worth Of Crude In One Year / Yemi Osinbajo Holds Meeting WithWorld Bank, IMF Representatives / Nigeria’s New $6.9 Billion Foreign Loan Application – A Case Of Necessary Evil? (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)

Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by NaijaRoyalty(m): 6:08am On Apr 07, 2020
Ifeanyi Onuba, Abuja

The Federal Government is to raise the sum of $6.9bn through external borrowing from the World Bank, the International Monetary Fund and the African Development Bank.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the coronavirus pandemic on the economy.

The amount, according to her, is in form of concessional funding to support the implementation of the 2020 budget.

The borrowing became imperative as a result of the negative impact of the coronavirus pandemic, which had led to unprecedented disruption in global supply chains.

It has led to a sharp drop in global crude oil prices, turmoil in global stock and financial markets, and lockdown of movements of persons in many countries.

Giving a breakdown of the $6.9bn, the finance minister said the sum of $3.4bn would be sourced from the IMF, $2.5bn from the World Bank while the balance of $1bn is expected to be raised from the AfDB.

Out of the World Bank facility of $2.5bn, she said the sum of $1.5bn would go to the Federal Government while the balance of $1bn would go to the 36 state governments.

The funds, according to the finance minister, is expected to come into the country within the next six to 12 weeks.

She said the $3.4bn from the IMF would not be tied to any conditionality, adding that so far, about 80 countries had applied for such funding facility.

Ahmed said, “We are continuing our engagements with the World Bank, the AfDB, the IDB and the IMF to access concessional funding to support the implementation of the 2020 budget.

“We have also applied for funding from the IMF’s COVID-19 Rapid Credit Facility to draw from our existing holdings with the World Bank Group/IMF.

https://punchng.com/nigeria-to-borrow-6-9bn-from-world-bank-imf-afdb/

2 Likes 2 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by NaijaRoyalty(m): 6:14am On Apr 07, 2020
Government of borrow borrow .

They've borrowed from almost all the countries and financial institutions of the world yet, nothing to show for it.

This APC government is the worst Nigeria ever had...
So much incompetence.

464 Likes 52 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by majamajic(m): 6:15am On Apr 07, 2020
Always borrowing

127 Likes 10 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by yanabasee(m): 6:16am On Apr 07, 2020
If the will borrow like this and use it for a good purpose, there'll be no problem....


But, borrowing it for corrupt politicians to loot it into their foreign accounts and then coming out to spill lies and audio projects is all nonsense......


No good hospitals....Basic amenities in Nigeria are rocket science....

165 Likes 10 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by jeffizy(m): 6:21am On Apr 07, 2020
The post is clear and understandable.

If and only if the government will judiciously use the loan and direct it to the appropriate quarters, it would have been heart warming.

But..... We know their best is to cut a knife through these loans and stuff it in their personal pockets.
I also know a day will come when all they siphon will be useless to them.

41 Likes 2 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Nobody: 6:23am On Apr 07, 2020
happy borrowing

13 Likes 2 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by cRobo: 6:42am On Apr 07, 2020
who and when are we paying back these loans

until then

I won't say a word

56 Likes 6 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Trueigbo: 6:43am On Apr 07, 2020
Ndi ugwu huru ibi ego na Anya nke ukwu.

125 Likes 12 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by philipstanley(m): 6:44am On Apr 07, 2020
OK
Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Smartbrainfix: 6:44am On Apr 07, 2020
Ok

2 Likes

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by whytediamond(m): 6:44am On Apr 07, 2020
As a Nation, we've refused to learn from history.

We repeat the same old mistake and expect a different result this time.

We go down the same old road expecting to arrive at a different destination.

Since we've refused to copy the templates of countries that wore same clothes like us in times past; we are not ready to go anywhere meaningful.

These countries have gone on to become giants in the global scheme of affairs, talking about China, Malaysia, Indonesia, Singapore, UAE, India and so many other smaller nations like Rwanda etc.

The templates they used, if applied here in Nigeria, will still work perfectly, but our leaders are too greedy, the masses are too lazy. The country cannot swallow its useless pride and shun religious and ethnic bias.

WE ARE NOT READY FOR PROGRESS.

I DEY VEX ALREADY.

106 Likes 9 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Juell(m): 6:44am On Apr 07, 2020
Hmm.... These people just dey take style sell Nigeria into slavery.

16 Likes 2 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Martinola(m): 6:44am On Apr 07, 2020
I am out of words

7 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by ignis: 6:45am On Apr 07, 2020
Let them keep borrowing forgetting that a borrower have no dignity in the eyes of the lender.

I pray we get colonized again pretty soon.

44 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by realstars: 6:45am On Apr 07, 2020
If I May Have Anything To Worry About, Its About The Faith Of Our Future Genetion.
But Upon This, PDP Looted Our Money, Then APC Recovers!
Now Who Is That Looter That Loots, The Money Looted By The Lootters.
Where Is EFCC?

4 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by sw: 6:45am On Apr 07, 2020
Here we go again

3 Likes

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Macphenson: 6:45am On Apr 07, 2020
That's the only thing this disaster of a President is good at.

Borrow
Borrow
Loan.


Buhari and his band of incompetent entities cannot put on their thinking cap for once.

Buhari came introduced TSA claiming to have saved trillions of Naira from implementing the TSA. The customs increased their duties, which resulted in Nigerians paying through their noses.
He claimed to have recovered billions looted through THE EFCC, even all the Abacha loot that were returned, we did not see them.

Buhari receive Abacha loot of about $300m, squandered it in a very useless venture that has no economic value, and then went ahead to borrow $300m from another country.


He increased VAT from 5% to 7.5%, subjecting hapless Nigerians to another level of exploitation.

Now he has removed subsidy which means post Corona virus era, fuel price is going to be higher.


Buhari has borrowed from every available agency and country in the world. Does he even sit down and think of how those loans would be repayed?

Nigerian youths are we going to just sit down and fold our arms and watch this old man who is close to his grave keep creating disaster for us in future while we applaud and look in foolishness?

Buhari that spent #13B in ASO ROCK clinic right under his nose , yet couldn't provide ordinary paracetamol according to his wife shows that he is a terrible finance manager.

The question is what has he done with all these heavy funds?


For all those that foisted this calamity of a president, on hapless Nigerians, I hope one day you will all be able to explain to your generations how educated people elected a man who is not fit to be a WhatsApp administrator to rulena complex Nation like Nigeria , and how we all watched him wreck this Nation.


The most annoying thing is their bunch of hungry miscreants coming here to expose their foolishness by defending this failure personified, just because of a morsel, while their future is being mortgaged.

120 Likes 22 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by rovher: 6:45am On Apr 07, 2020
Omo them wan finish us oooo

6 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by ebuk4real(m): 6:45am On Apr 07, 2020
angry

Aside this covid-19 menace, this criminal of a government is the most corrupt contraption of a party that Nigeria has ever had.

Even the alleged corrupt PDP, in their entire inglorious 16years in power, didn't borrow half of what these thieves have borrowed in their 5years so far, and are still borrowing, most of which they will still corner.

But what annoys the most? Them claiming that they are fighting corruption and that their leader is a man of integrity. Of course, their own integrity has another meaning while their mode of operation have been: the more we look, the less we see....

One hopes they won't sell Nigeria by the time they are done in 2023.

Criminals!!!

43 Likes 8 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by SweetCunt97(f): 6:45am On Apr 07, 2020
Who does that? All the billions in donations no do una?

Kai these people will bankrupt and enslave this country like dis o.. Bunch of incompetent illiterates forming posh

28 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by goldfish27(m): 6:45am On Apr 07, 2020
i just hope this is also Audio if not, Nigeria is finished

5 Likes

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by DheEmir(m): 6:46am On Apr 07, 2020
That is the only thing this government knows.... Borrowing money up and down!

13 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by NigeriaBam: 6:46am On Apr 07, 2020
concessional funding to support the implementation of the 2020 budget.... INTERESTING
Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by DriggityDre: 6:46am On Apr 07, 2020
To pay all these loans won't be small o.
We don't know it but we are currently on a long thing. Buhari's administration will loan and go but we will eventually have to pay back all those loans

3 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by cana882(m): 6:46am On Apr 07, 2020
These guys keep borrowing with the intention of mortgaging the country’s future just due to their selfish interest. We all know the money will be embezzled so they can recover from the money they lost because of the pandemic.
What they don’t see coming is their lazy children they’re prepping to lead the country in the future will become suicidal due to today’s foolish act of borrowing..

16 Likes 2 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by infini771: 6:46am On Apr 07, 2020
Operation Borrow and Squander. No clue on how to generate wealth in a very rich country. Their modus operandi are; increase tax to high heavens, fetch crude oil and sell and borrow money even from beggers.

38 Likes 3 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by drey076(m): 6:46am On Apr 07, 2020
Make we kuku sell Nigeria and share the money

21 Likes 1 Share

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Gten(m): 6:47am On Apr 07, 2020
Well, the almighty zombies would celebrate this as an achievement of Buhari. Bunch of dimwits!

With the policies of this government, "covik 1-9" is the least of our problems.

20 Likes 3 Shares

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by Mazda231: 6:47am On Apr 07, 2020
If you have limited Paypal account with funds inside which has exceeded 180days.i can help you withdraw the funds if you are interested check my signature to contact me via WhatsAp

2 Likes

Re: Nigeria To Borrow $6.9 Billion From World Bank, IMF, AFDB by fasho01(m): 6:47am On Apr 07, 2020
By the time this government is done, Nigeria would have been sold and traded for by its debts

25 Likes 2 Shares

(1) (2) (3) (4) (5) (6) (7) (Reply)

EndSARS: Why We Are Still ‘Protesting’ – Policemen / Kano Re-run: Police Send Reinforcement To Gama Ward / Rivers: PDP Clears All 3 Senate Seats, wins 9 Reps Seats. APC Takes 1, LP 1

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 37
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.