The Federal Government under President Bola Ahmed Tinubu has received N2.017trn ($2.25bn) foreign exchange support facility from the African Import-Export Bank.
The Minister of Finance, Wale Edun, confirmed this to Arise TV, on Friday, December 29, 2023, and said it is the first tranche of the $3.3bn facility from the bank. He noted that the loan aimed to resolve the acute FX shortage hampered the economy.
According to the report, the balance of $1.05bn will be received in the first week of January.
Edun stated that work has commenced for solutions to Nigeria’s economic challenges.
In August, the Nigerian National Petroleum Company Limited announced that it had secured a $3bn emergency loan from the Afrexim Bank to stabilise the country’s volatile foreign exchange market.
Earlier in December, President Tinubu had assured Nigerians of the commitment by his administration to resolve the FX backlogs through injection of funds into the market.
✍️ IR