Nigeria to Get $400m Budget Support Loans from AfDB Vice President Osinbajo

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Enterprise Television-  Nigeria to Get $400m Budget Support Loans from AfDB Vice President Osinbajo

Vice president Osinbajo, who represented President Muhammadu Buhari at the inauguration of African Development Bank (AfDB)’s Nigeria Country Department Building in Abuja on Thursday, said the bank’s President, Dr. Akinwumi Adesina, had assured him that the $400m sector loan would be released to the country.

The AfDB in November 2016 approved $1bn loan to help the country get out of recession. Out of the $1bn, a total of $600m had been released.

Osinbajo also said that the release of the first tranche of the loan was instrumental in helping Nigeria out of recession.

The Minister of Finance, Mrs. Kemi Adeosun urged Adesina to convey Nigeria’s request to the bank’s senior management and executive board.

The AfDB boss, Dr. Akinwumi Adesina disclosed that the bank had invested $500m in the Development Bank of Nigeria and would also be committing $200m in the Transmission Corporation of Nigeria.