Update: Nigeria gets $1bn loan from African Development Bank | Nigeria News Today. Your online Nigerian Newspaper

As Nigerianeye earlier reported, Nigeria's economy team consisting of the Vice-President Yemi Osinbajo, Finance Minister Kemi Adeosun and others, had a meeting with Dr. Akinwunmi Adesina, president of the African Development Bank (AfDB).

After the meeting, the bank approved $1 billion loan towards meeting the deficits in Nigeria’s 2016 Budget, believed to partly responsible for the country’s economic crisis.

AfDB President, Dr. Akinwunmi Adesina, disclosed these to State House correspondents on Monday after meeting with Vice President and other members of the Economic Management Team (EMT) at the Presidential Villa, Abuja.

Stressing that Nigeria is the largest shareholder of the bank, Akinwunmi said the bank is in Nigeria to offer its strong support to the country as it faces tough time.

He said: “African Development Bank (AfDB), we have a very strong delegation team to meet Vice President and the economic management team. The bank’s largest shareholder is Nigeria. It is very important for me to be here and to talk to the Nigerian government about the challenges and opportunities that are in Nigeria.

“I’m not here to lecture the Nigerian government. I’m here to support very strongly. We have said that we are going to support the Nigerian government with the budget support to be able to deal with some of fiscal imbalance that they have. We are looking to consider for an award of $1 billion to help to deal with that particular deficit.”

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  1. Hood. Borrow Borrow make me rich government. The next action now is for them to share the money to Osun Edo Kaduna and other heavily indebted states mostly APC states in form of bailout funds. This government is not just clueless and incompetent but lacks what it takes in all ramification to even run a Local Government Area talkless of a country like Nigeria.
    Change dole!
    Sai Baba!

  2. They have just collected it to share because sharing is all they know. So Ogeni Rauf will be smiling for now! Cos this government is more interested in sharing money to corrupt incompetent and selfish political cronies than solving real problem.

  3. So that it can be shared to states as bailout, clueless and incompetence.


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