The Federal Government of Nigeria is set to obtain a fresh loan of $2.5bn loan from the World Bank.
This is according to World Bank Vice President for Africa, Hafez Ghanem.
Ghanem disclosed this in an interview with Bloomberg in Abuja on Wednesday.
“We are talking about a new set of programmes of about the same amount, it should be around $2.5bn,” he said.
“It is important to resolve the problems of the power sector in Nigeria to bring in more investments because you need to bring down the cost of power to make the economy more competitive for the development of industries,” Ghanem further said.
According to Ghanem, Nigeria has received $2.4bn from the World Bank in the past year.
Presently, the country’s domestic debt stands at $55.6bn, while foreign loans stand at $25.6bn.
However, the country’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has been quoted saying that the country does not have a debt problem.
According to her, the country’s problem is revenue. Ahmed had said, “There is a lot of insensitivity around the level of our debt. I want to restate that our debt is not too high; what we have is a revenue problem.
“Our debt is still very much within a reasonable fiscal limit. In fact, amongst our comparative countries, we are the least in terms of borrowing.”
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