The Federal Government has announced the approval of a three-year rolling external borrowing from the world bank to fix Nigeria’s economy.
This announcement was made by the minister of financial, Kemi Adeosun during a media briefing with state House correspondence, after a Federal Executive Council meeting held in Abuja.
However she added that the approval would immediately be forwarded to the National Assembly.
She said the loans would come from agencies such as the World Bank, African Development Bank, China Exim Bank, and other development agencies like the Japanese International Cooperation Agency (JICA).
Adeosu said the plan to borrow externally was strategically meant to minimize cost of loans from multi-lateral agencies.
The FEC meeting also led to the changing of the name of Ministry for Solid Minerals to Ministry of Mines and Steel Development, the approval of a new road map for the development of the solid minerals sector, approval of contracts to build a new structure called international house at the University of Ibadan and a library at the University of Lagos.