Nigeria — World Bank Country Director for Nigeria, Shubham Chaudhuri, has defended the institution's $800 million concessionary loan to Nigeria, saying the country has no choice but to borrow to finance its 2023 budget deficit.
In an interview with Channels Television, Chaudhuri emphasized that Nigeria has to approach lenders regardless of whether fuel subsidies are removed or not. He added that the World Bank's concessional loan is the most affordable for Nigeria compared to others on offer such as those from the domestic market or Eurobond.
President Buhari had recently written to the National Assembly to seek approval of the World Bank's loan. Earlier, Buhari had approved a 2023 budget of N20.51 trillion with a deficit of N10.78 trillion.
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