$30bn Loan: FG Heads To IMF, World Bank  

By Ikenga Chronicles December 9, 2016


The Federal Government disclosed that it will borrow money from the International Monetary Fund(IMF) and the World Bank in order to boost the economy out of recession. 

This was disclosed in a statement by the Media Adviser to the Minister of Budget and National Planning, James Akpandem, who quoted the Minister, Senator Udo Udoma, at a meeting with the Assistant Secretary for Multilateral Affairs of the Trade and Policy Department at the French Treasury, Mr Guillaume Chabert, in Abuja

He hinted that both institutions have some “concessionary terms” attached to borrowing packages stressing that Nigeria will only borrow to fund infrastructure projects.

This was followed by a statement by the Debt Management Office(DMO)saying it has raised the N1.18 trillion, which is the domestic component of the 2016 budgeted borrowing.

However, the minister added that “the stimulative effect of investing in infrastructure was enormous and was the surest way of setting the country on the path of growth and sustainable development.”

The minister told the Assistant Secretary, who was accompanied by the French Ambassador to Nigeria, Mr Denys Gauer, that the Federal Government is working on a National Economic Recovery and Growth Plan,  to move the country’s economy out of recession and set it on a growth path.

“Our plan is that we should be able, within that plan period (2017– 2020), to achieve not less than 7% growth.

In his statement, the Assistant Secretary, Mr Chabert, who appreciated the economic challenges facing Nigeria, said the French government would be willing to support Nigeria surmount the challenges. 

“It is in our interest that Nigeria succeeds’’ Chabert said, promising to make some input into the country’s economic plan once the framework was made available.

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