By: Ajibade Morakinyo
The Federal Government through the Minister for Finance, Kemi Adeosun, disclosed that Nigeria is seeking to borrow at least $1bn from the World Bank and another $1.3bn from China’s Export-Import Bank.
Adeosun buttressed that the Federal Government was hoping to sign in the next few months a loan worth $1.3bn from China’s Export-Import Bank to fund railway projects, in an interview with CNBC.
However, the minister, stated that there was no need to apply for an International Monetary Fund programme as the Federal Government was pursuing its own economic reform plan.
Officials said the country was planning to finalise its proposal to the World Bank this month.
Although, sharp falls in the price of crude oil, which have made the naira to tumble following the steep fall in foreign exchange revenue, have plunged the economy into its first recession in 25 years.
This has prompted suggestions that the country may need the IMF funding to cover a growing budget deficit.