According to Thursday report by Bloomberg, the Federal Government (FG) has approved plans for external loans from the World Bank, China and Japan.
The report stated that Nigeria will be taking loans from big financial institutions such as the World Bank, African Development Bank, Japan International Cooperation Agency, and Export-Import Bank of China, to brace it falling economy.
The loans according to the financial newspaper will be long term and will include low-cost with interest rates of 1.25 per cent and maturity of 20 years.
Before now, President Muhammadu Buhari had announced a N6.1tn ($19.4bn) spending plan aimed at stimulating the economy this year. The economy contracted in the first two quarters as oil revenue plunged.
While the Minister of Finance, Mrs. Kemi Adeosun, had also told bond investors in London in June that Nigeria was close to securing about $3bn of funding from the World Bank and African Development Bank.