President Buhari Approves Borrowing From World Bank, China, Others

President Muhammadu-led federal government 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, Bloomberg quoted presidency comment on Twitter.

ALSO READ  Nigeria’s Power Generation Hits 3,810 Megawatts


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.

Previous ArticleNext Article
Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

Leave a Reply

Your email address will not be published. Required fields are marked *