BREAKING: FG to receive $2.25 Billion World Bank loan

The Federal Government is set to secure a substantial loan from the World Bank, with approval anticipated on June 13, 2024. The loans, amounting to $2.25 billion, will be allocated to two major projects aimed at bolstering Nigeria's economic stability.
The first project, the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, is slated to receive $1.5 billion. Meanwhile, the NG Accelerating Resource Mobilization Reforms Programme is proposed to receive $750 million.
The programs aim to increase non-oil revenues, safeguard oil and gas revenues, strengthen tax and customs administrations, and expand social safety nets % align with the government's economic stabilization and recovery priorities
The approved package offers favorable terms, including a 40-year term with a 10-year moratorium. A copy of the plan’s documen indicates potential reintroduction of previously suspended telecom taxes and fiscal measures to secure the $750 million loan.
Finance Minister Wale Edun announced that Nigeria had qualified for a loan of $2.25 billion from the World Bank at a nominal interest rate of one percent, describing it as "virtually a grant." It’s for about 10- 20 years moratorium and about one percent interest.

[@emmyosemeke]

Why must FG.always rely on these loans...smh

[@Jsonmusiq]

Wetin…..Wetin be this?

[@chizobaokpara6765]

Again..