The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has disclosed the federal government is in discussion with the World Bank for a 1.5 billion dollars budget support.
TheNewsGuru.com (TNG) reports Mr Edun made the disclosure on Saturday in Marrakech, at the ongoing World Bank/International Monetary Fund (IMF) Annual Meetings.
“The World Bank is the number one development bank that helps developing countries to fund their projects and programmes. We are happy that the funding will come in soon. World Bank money is the cheapest,” Edun said.
Speaking further, the Minister said that the government was concerned about financing.
He stressed that President Bola Tinubu will not go above statutory limits in obtaining budget support facilities from the Central Bank of Nigeria (CBN) through the Ways and Means Advances.
Recall stakeholders and financial experts had criticised former President Muhammadu Buhari for worsening the country’s debt burden by obtaining more than N22.7 trillion in Ways and Means Advances from the apex bank.
Edun said that Tinubu was committed to “keeping with the spirit and the letter” of autonomy of the CBN.
“About one trillion dollars is needed to meet the target of climate change globally. This is a climate financing fund which is relatively cheap.
“There is also a commitment to help Africa and the third world with climate transition because they are not responsible for climate change in any substantial way.
“One of the ways to help them is through climate financing and we will be looking at green bond and more climate financing options,” he said.