29 June 2018 ( Lagos ) :The International Development Association (IDA), the arm of the World Bank in charge of helping the world’s poorest countries, has reportedly approved a total of $2.1 billion in concessionary loans to majorly fund power and climate change projects, and to also improve fiscal transparency in Nigeria.
Analysts recall that Nigeria’s ?9.1 trillion 2018 Budget, which was recently ratified by the Presidency, projects ?850 billion ($2.8 billion) in foreign borrowings to partly fund the budget. Whilst the delayed budget passage remains a downside to effective implementation, rapidity in accessing external borrowing to fund government spending is a positive development and will be supportive of a swift ramp-up in fiscal stimulus in H2’18.
Reporting for EasyKobo on Friday , 29 June 2018 in Lagos, Nigeria
Source : Analysts at Vetiva Capital Management Limited