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Nigeria to Get $1billion AfDB Loan

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Nigeria is in talks with the African Development Bank (AfDB) for a $1 billion dollar loan to help cover its 2016 budget deficit, the Finance Minister Kemi Adeosun said on Monday.

The loan would be concessional with an interest rate of 1.2 percent, Kemi Adeosun told reporters following a meeting with AfDB head Akinwumi Adesina.

Kemi Adeosun

Adeosun had indicated that the government would take loan to augment its spending out of the current recession.

(Reuters)

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