The Minister of State for Finance, Taiwo Oyedele, has outlined the expected benefits of Nigeria’s proposed $21.7 billion external loan, stating that $4.8 billion is earmarked for state governments.
He said the borrowing plan is intended to finance infrastructure and development projects, support economic growth and improve public services across the country.
The minister explained that the proposed financing would cover key sectors, including transportation, energy, agriculture, healthcare and education.
About $10.6 billion is earmarked for transport infrastructure, including major highway and railway projects.
He added that approximately $7.9 billion is expected from multilateral and bilateral development partners, with some loans offered at concessional interest rates averaging about 2.1 per cent.
Oyedele stressed that the $21.7 billion package is a proposed multi-year financing plan and does not mean the entire amount has already been borrowed.
He said the government expects the investments to strengthen infrastructure, create jobs and improve living standards.
