Contrary to Reports, Nigeria Has Not Applied For an Emergency Loan from World Bank

Nigeria’s finance minister, Kemi Adeosun, has debunked reports in the press the government has applied for a $3.5 billion emergency loan from the World Bank and the African Development Bank. Nigeria, Africa’s biggest economy, is looking for ways to finance a $15 billion deficit in its budget for 2016 and the federal government has in recent weeks introduced a number of policies geared at raising the funds from within the economy in the face of dwindling revenue from crude oil. Kemi Adeosun stated the government is holding exploratory talks with the World Bank on a possible loan but that the country has not officially applied for such. Read more on Nigeria’s 2016 budget deficit Nigeria Tet To Apply For World Bank Emergency Loan