Against the backdrop of continuous revenue challenges and a shortage of foreign exchange, the Federal Government (FG) is in discussions with the World Bank to obtain a $1.5 billion loan.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, revealed in a recent interview with Bloomberg that the borrowing is aimed at enhancing the foreign exchange supply and alleviating pressure on the exchange rate.
Additionally, he noted that the Central Bank of Nigeria (CBN) has successfully reduced the forex exchange backlog to $5 billion.
Bloomberg quoted Edun to have stated, “We’re hoping to get $1 billion or $1.5 billion from the World Bank” for budgetary support.
He added, “It is a matter of discussion at the moment, but we think we will get the support because we are continuing with our reforms.”
Since assuming office in May, President Bola Tinubu has eliminated Nigeria’s expensive fuel subsidies and eased its exchange-rate policy.
While these reforms have received approval from international investors, they have concurrently led to a spike in the cost of living. Inflation soared to a 27-year high of 28.9% last month, and the naira depreciated approximately 50% against the dollar.
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