The African Development Bank’s Board of Directors on Wednesday approved a $600m loan for Nigeria, several months after the Federal Government had approached the lender for a budget-support facility.
The loan is meant to help Nigeria plug its budget deficit as the nation grapples with its first recession in more than 20 years.
The $600m loan is the first tranche of a total $1bn budget support package,
according to a senior bank official.
The second disbursement of $400m would be dependent upon the implementation of reforms and expected early next year, the bank’s Nigeria country director Ousmane Dore, said.
According to the AfDB president, the package includes $1bn in budget support; $300m to create jobs for 185,000 youths; $250m towards infrastructure development in the North-East; $1m grant to deal with challenges of Internally Displaced Persons; $300m for infrastructure development around Abuja, and $200m for the Transmission Company of Nigeria to improve its facilities, among others.
Olika Reporters
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