The Federal Government has announced its qualification for a loan from the World Bank, totaling 2.25 billion dollars.

The Minister of Finance, Wale Edun announced this during a joint press conference held by the Ministry of Finance and the Central Bank of Nigeria (CBN) at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C.

He said the package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one percent interest rate.

He added that Nigeria is set to benefit from budgetary support and low-interest funding from the African Development Bank, noting that negotiations with foreign direct investors are also underway.

Edun addressed concerns about debt sustainability by emphasizing the pivotal role of revenue generation in Nigeria’s economic strategy.

He highlighted oil revenue as a primary source and President Bola Tinubu’s ambitious goal to increase oil production from 1.6 million barrels per day to 2 million barrels per day.

In a bid to strengthen its foreign exchange reserves and attract investment, Nigeria is exploring innovative avenues with particular emphasis on leveraging remittances from its diaspora community.

The finance minister underscored the immense potential of Nigerians living abroad, acknowledging their substantial financial resources that could significantly benefit the Nigerian economy.