Nigeria plans to secure a fresh $1.5 billion loan facility from the World Bank as part of efforts to address fiscal gaps in the 2023 budget, the federal government has disclosed

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this while speaking with journalists at the ongoing 2023 Annual Meetings of the World Bank and the International Monetary Fun in Morocco.

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“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 sectors,” Edun told journalists

“It has free money through International Development Association. 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”