Nigeria, World Bank Hold Talks for $1.5bn Budget Support Fund

The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government is in discussions with the World Bank for a $1.5 billion budget support facility.

Edun, who made this announcement during the Nigerian delegation briefing on the sidelines of the International Monetary Fund (IMF)/World Bank Annual Meeting in Marrakech, Morocco, highlighted that there is no stigma attached to qualifying for World Bank funding to aid in financing development.

He stated:

“In relation to the talks with the World Bank on a $1.5 billion budget support; that is indeed the case. The World Bank is the primary multilateral development bank aiding developing countries by funding projects, programmes, and sectors.

“It offers financial support through the International Development Association (IDA), which targets less affluent nations. Presently, we meet the criteria to borrow through the standard World Bank funding window as well as some concessional IDA funding, effectively resulting in a zero interest rate.

“In this particular case, it has been in the pipeline for quite some time, and we are hopeful that the funding will be approved shortly. There is a Federal Executive Council meeting scheduled for Monday to discuss this, along with other initiatives for financing on favourable terms. We have addressed the issue of high borrowing costs, and World Bank funding is the most cost-effective solution.”

Regarding the IMF’s recommendation to increase taxes and interest rates, Edun clarified that the country is not engaged in any loan programme with them and is, therefore, not privy to their suggestions to Nigeria to raise taxes and interest rates.

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