W/Bank Meets Over Fresh Loan For Nigeria

There are indications that the Executive Board of the World Bank will today (Tuesday) meet over a new loan sought by Nigeria.

Details of the loan were still sketchy on Monday evening but it was gathered that the sum involved was above $1bn.

Efforts by our correspondent to confirm the details of the loan and the meeting were not successful.

Calls to the World Bank’s Communication Officer in Abuja, Mansir Nasir, did not go through and a message sent to him had not been replied as of the time of filing this report.

The proposed loan followed a fresh request by the Federal Government.

Nigeria is currently indebted to the World Bank to the tune of $9.81bn, according to the Debt Management Office.

The deliberations over the fresh loan request is coming against a backdrop of concerns raised by the World Bank over the heavy indebtedness of some African countries including Nigeria.