No Emergency Loan Was Applied For from World Bank, AfDB – Kemi Adeosun

Nigeria’s Finance Minister, Mrs Kemi Adeosun, has refuted reports suggesting that Nigeria has applied for emergency loans from World Bank and African Development Bank (AFDB).

According to a statement signed by her Special Adviser on Media Matters, Mr Festus Akanbi, Nigeria did not apply for any emergency loan.

“The truth is that Nigeria, as part of the plans to fund the 2016 budget currently undergoing the approval process of the National Assembly, has indicated an intention to borrow N1.8trillion principally for investment in capital projects to stimulate the economy,” she said in the statement.

According to her, the proposed budget deficit will be funded equally through external and domestic sources.

She added that the option of the World Bank is to ensure an optimum financing structure, noting that the 2016 budget is part of the medium-term economic framework of the Federal Government, which the World Bank is aware of.