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FT says “Nigeria asks World Bank & AfDB for $3.5bn emergency loans” | Adeosun denies



Finance Minister Kemi Adeosun with IMF's Christine Lagarde during her visit to Nigeria

Finance Minister Kemi Adeosun with IMF’s Christine Lagarde during her visit to Nigeria

The Financial Times is standing by its report that “Nigeria has asked the World Bank and African Development Bank for $3.5bn in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices.”

The publication claims it spoke to Nigeria’s Finance Minister Kemi Adeosun and she confirmed that the loans were not an “emergency” measure but rather the “cheapest way possible” to fund a “deficit budget”.

Adeosun has now come out to deny the report.

The minister, in a statement by her Special Adviser on Media Matters, Festus Akanbi, said “Nigeria had not applied for any emergency loan.”

According to the Statement
“The truth is that Nigeria, as part of the plans to fund the 2016 budget currently undergoing the approval process of the National Assembly, has indicated an intention to borrow N1.8trillion principally for investment in capital projects to stimulate the economy… The option of the World Bank is to ensure an optimum financing structure, noting that 2016 budget is part of the Medium-term economic framework of the Federal government, which the World Bank is aware of. The proposed budget deficit will be funded equally through external and domestic sources. Nigeria is exploring the options of multi-lateral agencies like the World Bank and AFDB and export credit agencies such as China Exim Bank due to their concessionary interest rates.”

In summary, it seems a though a loan has been discussed, however, the formal process is still in progress.


  1. newbie

    February 1, 2016 at 9:36 am

    At the end of the day, the joke is on Nigerians. I mean the man on the street. Everyday people.

  2. Busarni

    February 1, 2016 at 9:42 am

    mtscheeew; scammers

  3. GY

    February 1, 2016 at 10:59 am

    Hmmm very interesting…

  4. prince

    February 1, 2016 at 11:24 am

    If former president Jonathan had saved all the money he gave to people during elections #ekiti and #generalelection we wont be where we are today.
    That man is a disgrace on democracy and he should stop that nonsense innocent stunt he’s always pulling. He is evil and God will never forgive him.

    • nene+

      February 1, 2016 at 1:56 pm

      Prince are you this foolish???? So if Buhari had saved his own election campaign funds?Please get a brain and remove the fufu APC gave you in place of brain.

  5. Nnamdi

    February 1, 2016 at 11:28 am

    The reality is Nigeria need loan and $2.5 billion is not even enough if you really understand the condition of Nigerian economic and I don’t know why Nigeria don’t like to borrow money even U.S borrows like crazy we should not be like them but currently Nigeria need loan to jumpstart Our economic before things get worst.

    • Puzzles

      February 1, 2016 at 3:21 pm

      the issue is, when they borrow the money, where would it go? Would it be used wisely to build the economy. Unfortunately, as history has shown, it would go into the pockets of a few.

    • Nnamdi

      February 1, 2016 at 9:17 pm

      Your right but let them get the loan first with the condition IMF or world bank will give them on the money the will think twice before trying to steal it because this one is not Oil money as usual.

  6. j'suis belle

    February 1, 2016 at 4:01 pm

    i knew this was coming after saying that nigeria’s economy is doing good and that she didn’t come to fund us,it now looks like nigeria is the one begging for that “precious” loan to survive. like they have nothing to do with this . My foot Mrs. Lagarde we see the aftermath of your coming, u try

  7. ATL's finest

    February 1, 2016 at 4:33 pm

    These folks just don’t know what they are doing. From PBM to this Adeosun of a lady.

  8. fleur

    February 1, 2016 at 5:01 pm

    Adeosun, what is all this dancing around technical terms? You think Lagarde will select to land in a desolate land called Nigeria if she was not here because una ask somehow for something related to money? Maybe we should restate – have you asked for “any help at all” from IMF? Note that help includes finance structures, direct loan, indirect loan, loan backing, backbone support, leg support, any other term. Have you?????? Please y’all stop acting like Nigerians are plain dumb. this is becoming very annoying.

  9. timetospeak

    February 1, 2016 at 6:12 pm

    Nigeria will still not be developed in 2060!

  10. Ajanaku

    February 1, 2016 at 7:24 pm

    We Nigerians sha and our gra gra responses

    First of all, FT and lots of foreign media houses know how to twist words of of context. So becos FT says its emergency fund doesn’t mean it is

    Secondly, Nigeria’s debt to GDP ratio is rather even compared to the UK and US that y’all are often wont to mention. (Forget UK and US economies are in a shithole don’t be fooled, look at the figures yourself)

    Nigeria is not the best of situations seeing that our salary (oil revenue) is rapidly dwindling so we have to borrow. If past administrations had saved up we won’t be in the magnitude of crap that we are in.

    Biko, if you think PMB and Adeosun are clueless, propose your own solution to the matter abi who can you suggest to do a better job.
    *whispers* when NOI was screwing the country over with the gross financial mismanagement and overspending during her tenure you talk?
    Abi you haven’t seen the great works of Emefiele that has scared local and foreign investors.

    Have some chill my dear, oil prices are sinking lower, a global recession is imminent (to some analysts)… So biko brace ya sef, ish is about to hit the roof but be aware and be proactive so that “when others are saying there’s a casting down you’ll be saying there’s a lifting up”!!

    ^^ *DLR ti wambe, odabo* 🙂

    • nnenne

      February 2, 2016 at 4:06 am

      NOI was screwing the economy?
      Please have several seats!!!
      Am still waiting for people like you to protest the removal of subsidy the same way you did when NOI proposed it.

      Nigerians will not take the dwindling oil prices as a reason for under performance.
      You all need to get to work. Emergency is what separates real men from touts.
      APC propaganda will not cut it!!

    • Ajanaku

      February 2, 2016 at 9:04 am

      No sugar I did not and will not protest the removal of subsidy. I understand the need to do so. Yes she screwed the country over fiscal policies and management were crappy under her tenure. Compare her work to Sanusi’s monetary policies and plans. Come on dear, check the figures yourself before you argue…

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