The World Bank is to provide $2.854 billion at average repayment maturity of between 20 – 25 years, 1.25% interest rate, 0.25% commitment charge, 0.25% front-end fee and five years duration. JICA is to provide $200 million at 30 years maturity, 10 years grace period and 1.4% interest rate. Islamic Development Bank is to provide $110 million at average repayment maturity of between 25 years, Service Charge not exceeding 2%, 2.5% interest rate and four years duration. Breakdown of the approved loans include: $350 million World Bank Development Policy Operation loan for Kaduna and $110 million Islamic Development Bank Health Susyems Projects Loan for Katsina State. In a swift reaction to the adopted report on the $22.799 billion external loan, the deputy minority leader, Hon.

Source: Nigerian Tribune June 02, 2020 16:53 UTC