Nigeria’s presidency has approved plans for external borrowing from the World Bank, China and Japan.
Nigeria will take on debt from institutions including the World Bank, African Development Bank, Japan International Cooperation Agency and Export-Import Bank of China, the presidency commented on Twitter.
This will include “low-cost, long-term” loans with interest rates of 1.25 percent and maturities of 20 years, according to the tweets. Details of a Eurobond will be announced “in due course.” The government is now waiting for lawmakers to approve the plans, the presidency said.

President Muhammadu Buhari announced a record 6.1 trillion naira ($19.4 billion) spending plan this year to try and stimulate the economy, which contracted in the first two quarters as oil revenue plunged. He said he expected the government to raise about $5 billion from the Eurobond market and multilateral and bilateral lenders.
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Nigeria’s Debt Management Office last month asked banks to place bids by Sept. 19 if they wished to manage a $1 billion Eurobond sale. Finance Minister Kemi Adeosun told bond investors in London in June that Nigeria was close to securing around $3 billion of funding from the World Bank and African Development Bank.
Nigeria, which vies with South Africa as the continent’s biggest economy, has issued dollar bonds twice, the last time in 2013. Yields on its $500 million of securities due in July 2023 fell 11 basis points to 6.24 percent by 1:01 p.m. in Lagos, their lowest level since June 2015 and down more than 300 basis points since hitting a record 9.4 percent on Jan. 18.

Paperwhite:
Useless,clueless,directionless,illiterate, vindictive,one-step forward hundred-steps backward......president of zombies.

TheDEVlLHimseIf:
bro who are you? you be witch ?

me sef don dey fear you oooo

this one na real political analyst

I bow and tremble

TheDEVlLHimseIf:
bro who are you? you be witch ?

me sef don dey fear you oooo

this one na real political analyst

I bow and tremble

idupaul:



Respect. .you are an extremely intelligent man .

onatisi:

Abeg no fear me ooo
Come nearer and receive some anointing

kenny987:


Is it not Uncle Onatisi? I have begged him before to reduce these his predictions cos they so eerily become reality. Maybe if he doesen't talk it won't happen or as some zombies expect, we all should fall on our knees and sing positive praises to bubu and apc for their magnanimity in 'saving Nigeria' from 16 years of rot. That way, all things will automatically fall into place. Maybe if Uncle Onatisi starts singing dem praises we might see something different...lol

obailala:
All I see on this thread are just a bunch of pathetic wailers doing what they know how to do best; wail and throw insults foolishly... Nigeria is currently in a dire situation and needs all the money it can get, borrowing has since been mapped out as the way forward but even getting the lenders to release money seems to have been a problem. Everyone knows borrowing from the imf/worldbank isnt favourable and the nation has tried to avoid that situation. But with things getting tougher and people going hungry, the govt seems to have run oit of options and may have to eventually resort to these same exploitative lot.

Now how anyone who is a Nigerian sees this unfortunate development as something to be excited over is beyond me; probably just getting another opportunity to throw insults around is what excites some folks. Such wastes!

felixomor:
Its dawning on a sad reality that no nigerian leader is capable of saving us from rising external debt.
Obasanjo and Yaradua tried so much to avoid it, but the leaders who followed after them, never knew the value of such.
So sad that this present administration will join the bandwagon too.
I would have even thought that bynow, the govt should have reduced recurrent expenditure by stopping some outrageous political salaries and allowances and security votes.
Unfortunately, it seems we will continue to borrow until we end up like Greece or something.
Even America being the best economy in the world is beginning to regret their large external debt. They still wish they owe nobody.
So sad, we cant learn from them.
Really, only God can save Nigeria now

idupaul:
I am afraid as long as Buhari is in power no injection of loan will make any sense ..even if oil rises to 200 dollars a barrel it won't make any difference under visionless leader . So this loan is dead on arrival

Hiploko:
still waiting for the day you will make a meaningful contribution on NL

dondo83:
people will be calling buhari a dullard and simple information they cant digest. Did buhari or fg claim it wont borrow ? how will the fund a 6trillion budget? Adeosun said fg will borrow for capital expenditure and infrastructural development ! if you are still too dull to understand quote me and I will break it down further

NoreenUG:


Typical zombie with their outdated tactics.

In the absence of the intellect to counter a thread, his next resort is attempting to derail it.
Thank you, iSpiksdatroof, for entertaining us today with your mental emptiness; but it looks like now would be a good time to return to your cage.

NoreenUG:


You should have read the numerous trash from his many voltrons and zombies who were initially deceiving themselves with chatter like:

"Ha! I trust Baba. Buhari will never bow to the evil World Bank"

"Buhari will never bow to the IMF"

"The neo-colonialist IMF can go to hell with their money and anti-African policies. THERE IS A NEW SHERIFF IN TOWN!"

"Biuhari is incorruptible! We don't need World Bank's money! Sai Baba!"

All that don end now as the President exports his Almajiri swags to the world stage.

sarutobie:

the socioeconomic prophet of our time...how you are able to see happenings so far ahead in the future is impressive...