The Federal government today said that it would determine the size of the loan it is expected to take from the World Bank only when the 2017 budget is passed into law and that President Muhammadu Buhari will be launching an economic recovery plan soon.
It will be recalled that the Federal Govern started the loan process to finance the 2016 budget deficit but stop mid day. The government in 2017 renewed interest in the loan but said the amount to borrow would become clearer only when the year’s budget is passed into law as the funds would be used to finance the 2017 budget deficit.
Fielding questions from State House Correspondents at the end of the Federal Executive Council, FEC at the presidential Villa, Abuja, the Minister of Budget and National Planning, Senator Udo Udoma said the figure of the loan was dependent on the amount the National Assembly would approve in the fiscal document. “The figure will depend of the (2017) budget approved by the National Assembly,” he said.