FG To Receive Over $1.8Billion From AfDB To Tackle Recession


The Federal Government is to receive funds in excess of $1.8 Billion from the African Development Bank to help tackle recession.

President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, made this known in Abuja on Monday.

Dr. Adesina n Abuja announced different economic stimulus packages amounting to billions of dollars to help address the nation’s economic crisis.

Special Adviser on Media and Publicity to President Muhammadu Buhari, Femi Adesina in a statement in Abuja, said the AfDB president announced the packages during a meeting with the President.

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Dr. Adesina disclosed that the packages included $1 billion of budget support, $300 million to create jobs for 185,000 youths and $250 million towards North East infrastructure development.

The AfDB President also announced another $1 million grant to deal with the challenges of Internally Displaced Persons (IDPs).

He also mentioned an extra $300 million for infrastructure development around Abuja as well as $200 million for Transmission Company of Nigeria (TCN) to deepen facilities.

FG Gets Billions of Dollars From AfDB To Help Tackle Recession

Speaking on the current economic situation in Nigeria, Dr. Adesina described the Federal Government’s recent economic decisions as “bold, tough, uncomfortable, but right.”

He added that Nigeria would reap the dividends in the short and long run.

Dr. Adesina stated:

“You can count on the AfDB as a true friend of Nigeria.

“You should support massive investment in infrastructure, and we are here to also support.

“Closing the infrastructure deficit will enable growth, and create employment. Nigeria is too big to fail.’’

The AfDB boss also expressed delight with President Buhari’s push on anti-corruption.

He further revealed that the AfDB would give a total of $4.8 million as grant for institutional support to anti-graft commissions in the country.

He mentioned that $2 million dollars of the amount would go to the Economic and Financial Crimes Commission (EFCC).

While another $1 million will go to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

$1.8 Billion From AfDB To Tackle Recession Challenges In Nigeria

Dr. Adesina while commending President Buhari for his support when he contested for presidency of the AfDB, affirmed that the president can always count on his support and that of the AfDB.

Adesina is the first Nigerian to be elected President of the AfDB since the bank was established in 1964.

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He also commended President Buhari’s efforts in securing peace in the country, particularly in the  North East.

According to him, there can be no development without adequate security.

Responding, President Buhari expressed appreciation for the AfDB’s support to Nigeria.

President Buhari said:

“Nigeria has the people and the resources to surmount her economic problems.

“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.’’