AfDB offers $1billion lifeline to federal government

The African Development Bank (AfDB) will support Nigeria with a sum of $1 billion to address the country’s N2.2 trillion deficit in the 2016 budget.The gesture comes amid re-assurance by President Muhammadu Buhari that Nigeria has the wherewithal to surmount its current economic setback.

AfDB President, Akinwunmi Adesina, who was at the State House in Abuja, yesterday, also unfolded other packages the financial institution has for the country.

They include $300 million to create jobs for 185,000 youths; $250 million for North East infrastructure development; $1 million grant, to deal with challenges of Internally Displaced Persons; $300 million for infrastructure development around Abuja; and $200 million for the Transmission Company of Nigeria (TCN).

Receiving Adesina, Buhari said: “God has given us people and resources. It will take hard work on our part, but we will make it. We will get out of our problems.”

We are determined to produce what we eat, and stop importation. We will also chase those who stole, and get them to refund.”Adesina appreciated the country’s support when he contested the AfDB presidency, making him the first Nigerian to occupy the position since the bank was established in 1964.

The AfDB boss described recent economic policies in the country as “bold, tough, uncomfortable, but right,” adding that Nigeria would reap the dividends in due course.

He added that AfDB would give a total of $4.8 million as grant for institutional support, with the Economic and Financial Crimes Commission (EFCC) getting $2 million, and $1 million to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).“You can always count on my support and that of the AfDB,” Adesina said.