The federal government has said it will source $2 billion from the World Bank and the African Development Bank (AfDB) under the 2012-2015 External Borrowing Plan to help in the implementation of the 2015 budget.

The loan is primarily targeted at addressing foreign exchange demand and strengthening of the naira, which has been devalued by the Central Bank of Nigeria (CBN) following the increasing pressure on the local currency largely precipitated by a fall in the price of oil.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who spoke in an interview in Abuja yesterday on efforts to address the foreign exchange challenges, the value of the naira and the 2015 budget, said: “We have entered negotiations with international financial institutions — that is specifically, the African Development Bank and World Bank.
“You know they have some resources for us already programmed, which is in the borrowing plan.
“We have asked them to turn these resources into budget support for us… We are negotiating for $2 billion that will come in foreign exchange.

“Remember that the terms of this loan from the ADB are quite reasonable (3 – 4) per cent compared to what you can get outside, and this is money that they had committed aside for us and we have decided to draw on it, and use it in the form of budget support.
“We will use it to get the naira equivalent given to us by the central bank. It will come in two tranches. It will bring in the needed foreign exchange that will help our private sector people to have access to foreign exchange, so it will alleviate the situation.
“It’s something that we are working on. We are communicating day and night with them. We have to address the needs of manufacturers and others. That is one more thing we are doing and I hope that will help to ameliorate the situation.”

Read full story
http://monitor9ja.com/2015/03/fg-to-secure-2bn-from-world-bank-to-fund-budget/

This time im not voting for a better placed name. Jst becuz u believe in God doestnt mean u are a gud person jst as not believin in God doesnt make u bad too.Vote 4 change

After wasting trillions of naira on campaign,they are now looking for loan to fund budget.

Smh

Borrow to fund budget.......After selling oil above $100/litre for years

Jungle don really mature.....

Whoever wins, Nigerians should just adjust sharply to the realities on ground. This year go strong well well

Imagine? More than double that amount has been spent by Jonathan and his cronies on this election.

This governmenthe has completely killed the country's economy and common wealth of this country. Borrow borrow clueless government.

Click like SAI BUHARI / OSINBAJO
Share for GEJ/SAMBO

And our Cebt profile continues to increase...because the PDP led govt has wasted our country's resources..

teeebugs:

Jonathan's supporters, this will be on your head! That evil they preached into your heads will disappear if ever they succeed to be re-elected. God forbid!

Am so sorry but i miss the point a lot of people are trying to raise as to why borrowing to fund the budget is a bad thing. All countries in the world borrow to fund their budgets so why is Nigeria being used as a case in point. For example, America has the highest debt profile in the world and it is the most industrialized country in the world. It also borrows more every year hence they always have lockdowns in government services as the two main parties in their congress always have issues whenever there is need to increase the borrowing limit in order to fund the government. The reasons by the FG for the borrowing the money have been mentioned and the best is to hope that the money will be put to good use.

You knw a great leader in the person of ebele jonathan
He kips doing his job not minding dat election is close
Say yes to jonathan cum transformation

Now, just imagine that, and some dolts are still considering voting for this useless government.

Always borrowing from World Bank to the detriment of our economy instead of just dispossessing Diezani Madueke of her looted $24Billion.

Sai Buhari jhoor!