The federal government has taken steps to secure a $2 billion loan from the World Bank and the African Development Bank (AfDB) to assist in the implementation of its policies and programmes for the year.

This was announced by Ngozi Okonjo-Iweala, coordinating minister for the economy and minister of finance, in an interactive session with journalists in Abuja.

According to Okonjo-Iweala, the loan was part of the approved 2012-2015 external borrowing plan of the federal government and was in line with its efforts to strengthen the naira.

“We have entered negotiations with international financial institutions, specifically, the African Development Bank and World Bank. You know they have some resources for us already programmed, which is in the borrowing plan,” she said.

“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 AfDB are quite reasonable at 3 to 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 form of budget support to come in form of foreign exchange.

“It will come in two tranches. It will bring in the needed foreign exchange that will help our private sector people to have access. So, it will alleviate the situation. It’s something that we are working on.” According to analysts, the $2 billion loan in foreign exchange will enable government regulate the high demand of the dollar locally and stabilise the exchange rate of the naira, which fell due to lower government revenue in dollars caused by low oil prices.

The minister added that the loan would pose no undue burden on the nation as it was a concessionary loan, despite the continuous reduction in the nation’s external foreign reserve.

However, she encouraged Nigerians to reduce their desire for imported goods, and patronise made-in-Nigeria products in order to conserve the available reserve for more productive uses.

Source: www.thecable.ng/nigeria-borrow-2billion-world-bank

We just sabi to borrow borrow...what a country

We'll borrow now nd one clueless man will seize everything


This woman sef has joined dem..shes now as corrupt as a virus














FTC again...dedicate this one to my fans dah helped me reach 2k+ likes

I.G @King_Lington

Borrow Again

When Mr Cluelessness don use Nigeria Money do Campaign finish, why dem no go dey Borrow borrow About!!

Its a pity GEJ's administration has eaten deep into our pockets. Mr man must be voted out.
Sai Buhari.

Again ? What happened to $200m you borrowed of recent ?

This woman will soon sell Nigeria.

MRLINGTON:
We just sabi to borrow borrow...what a country

We'll borrow now nd one clueless man will seize everything


This woman sef has joined dem..shes now as corrupt as a virus

Ogogoro Master don use our Money do Election Campaign wey he no fit Win lailai.

cyril83:
Again ? What happened to $200m you borrowed of recent ?

This woman will soon sell Nigeria.

Jonathan don Share am give him Goons Na!!

Is dat the Kind of President we want Again!!

GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

All this money we are burrowing... who will pay back abeg

[size=18pt]

all they know is to borrow. No tangible projects or infrastructure in place to justify their lavish spendings. The common man on the streets is dying of curable diseases and hunger

Wasteful voodoo economist from the region of hate filled people who will rather die of poverty than vote for a competent government . They have looted and depleted the economy beyond repair. They have mortgaged the future of unborn Nigerians.

It's crazy to see people still showing support for these miscreants while they are the most affected by their corrupt practices .

Buhari will sanitize the system and deliver us from these looters.

#babawhenyougetthere : make sure mama piss, and the frog eyed oil minister are jail mates.

Sai buhari[/size]

Let the borrowing commence!

if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.(Source)

Soon....we shall be back to the 1980's....MR SAP.....mass job sackings, and seat belt tigntening.

All because.....we have refused to get off oil. Over dependency on oil has led us to this.

Isn't it time we got PDP and APC to tell us HOW they intend to get us off oil....so that we can stop living in bondage to the IMF and the World Bank.....who may soon start writing our budget for us if we are not careful?

Fellow Nigerians.....oil is a CURSE!

Time to pass the books, and hold that oil....

[size=21pt]Add it all up and the numbers say that if you really want to know how a country is going to do in the 21st century, don’t count its oil reserves or gold mines, count its highly effective teachers, involved parents and committed students. “Today’s learning outcomes at school,” says Schleicher, “are a powerful predictor for the wealth and social outcomes that countries will reap in the long run.”[/size]

Nigerians!...una don see our road out of this? Let us end our crumbs mentality. The era of $100 PER barrel for oil is OVER. And it isn't coming back.

Call me a Hausa slave, call me a slave of the west....but that oil that you Nigerians love is what has led you to go a borrowing!

Plssssss fam u all should support me by going to instagram n like my reposted pic under the #faleela competition by dammy_krane i am sonny_udoh u wd see my own funny memes please help like it

Reduce the cost of governance and desist from borrowing Madam Minister!!!

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

What an idi.ot!

Please tell me that you're not of voting age.

Please let her don't borrow too much o, before the looters here squanders the money on campaign and the masses would be the ones to face the consequences.

Only if this would create more jobs. I support her if this will boost the economy more to the first 20 in the world. She is an expatriate in this field.

Another billions again.

Borrow borrow make us rich

Hmmmm

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They want to borrow the money they will use to escape Nigeria After election... GOD IS WATCHING...

For retirement benefits of GEJ abi?

Burrow...we need more dollars to share in Lagos. Election is do or die.

Borrow borrow makes me rich. Nonsense

Former President Olusegun Obasannjo cleared all the depts we owed before he left. Now this foool want to borrow and loot as much as he can before he haands over to Buhari abi?




No wonder his wife is so scared of she and her husband going to Jail.

Borrow borrow makes me rich. Nonsense. Ngor your cup don full

Editor1:
GEJ, go ahead and borrow any amount u want...

The S-south has given u the go-ahead. Afterall, wen its comes to repay the loans, its still the oil money from south dat is used....not the rotten onions from North!
Its our money...we spend it as we wish.

Meanwhile its GEJ till we find a better replacement!

Phew!