On Monday, October 23, the Federal Executive Council said it was set to approve the application for a $3.45 billion loan from the World Bank to boost five items.
These projects include renewable energy, the power sector, state resource mobilisation programme, women’s empowerment project, and adolescent girls initiatives for learning and empowerment.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, discussed with State House Correspondents that the FG will move forward to apply for the $3.5 billion “zero-interest” loan that will be repaid within the next 40 years with a 10-year moratorium, which means payment for the $3.5 billion loan will start in 2033.
He said,
- Today at the Federal Executive Council, I presented five memos, which were graciously approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.