The Federal Government has announced its qualification for a loan from the World Bank, totaling 2.25 billion dollars.

The minister of Finance and Coordinating Minister of the Economy, Mr WALE EDUNunveiled this milestone during a joint press conference held by the Ministry of Finance and the Central Bank of Nigeria (CBN) at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C.

He said the package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.

He added that Nigeria is set to benefit from budgetary support and low-interest funding from the African Development Bank, noting that negotiations with foreign direct investors are also underway.