Federal Government awaits approval of the National Assembly to borrow US$1.3bn

The Federal Government is currently awaiting approval of the National Assembly to borrow up to US$1.3bn from international lenders to fund the newly licensed Development Bank of Nigeria. The loanwill be made up of US$500mn from the World Bank, US$450mn from the African Development Bank, US$200mn from German state bank and US$130mn from France's state development agency. This step is aimed at supporting small businesses with loans of varying lengths at lower interest rates.