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World Bank meets over fresh loan for Nigeria

Updated Feb 18 2020 09:02 am

Ihuoma Chiedozie, Abuja

There are indications that the Executive Board of the World Bank will today (Tuesday) meet over a new loan sought by Nigeria.

Details of the loan were still sketchy on Monday evening but it was gathered that the sum involved was above $1bn.

Efforts by our correspondent to confirm the details of the loan and the meeting were not successful.

Calls to the World Bankâ€™s Communication Officer in Abuja, Mansir Nasir, did not go through and a message sent to him had not been replied as of the time of filing this report.

The proposed loan followed a fresh request by the Federal Government.

Nigeria is currently indebted to the World Bank to the tune of $9.81bn, according to the Debt Management Office.

The deliberations over the fresh loan request is coming against a backdrop of concerns raised by the World Bank over the heavy indebtedness of some African countries including Nigeria.

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