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The Federal Government has commenced negotiation for concessionary loans of $3.5 Billion from the World Bank and African Development Bank (AfDB).
According to the Minister of Finance, Mrs Kemi Adeosun, the fund will support Government effort to finance the 2016 Budget.
Bloomberg quoted the Minister as saying while discussions are going on, a formal request hasn’t yet been made to the World Bank for $2.5 billion and the AfDB for $1 billion.
The Minister said the loan talks are “in anticipation of getting the budget approved” and are “not part of an IMF package.”
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