The Nigeria Sovereign Investment Agency, NSIA has raised 23 million Euros in debt from the international Finance Corporation, IFC. july 13,2020.
NSIA did not say what the funds will be used for. The NSIA has been under pressure lately by both the Nigerian government and states governments to help finance their budget shortfalls following low crude oil prices on global markets and other impact of covid19 pandemic.
Few months ago, the Nigerian government called up $150 million from the NSIA which was used to shore up monthly federation account allocations to the 36 state governments.
The Buhari administration has also recently requested the NSIA to fund agriculture lending to farmers. The administration has also got the NSIA to finance local infrastructure projects such as highway construction.
It is not clear what NSIA plans to use the loan from the IFC for.
Popular Posts
