The Federal Government has initiated moves to obtain a new $1.75 billion loan facility from the World Bank.According to reports, the Ministry of Finance confirmed that discussions are ongoing with the global lender to access the credit, which is aimed at supporting Nigeria’s economic reforms and development programmes.
The fresh borrowing plan comes as the government continues to grapple with budget deficits, mounting public debt, and efforts to stabilise the economy.
Nigeria has in recent years relied heavily on multilateral loans from international financial institutions, including the World Bank and International Monetary Fund, to bridge funding gaps and finance critical infrastructure.
Officials say the facility, if approved, will boost fiscal sustainability and help implement policy measures outlined in the government’s medium-term economic framework.
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