By Udesinanna Stephen
The Federal Executive Council (FEC) under President Bola Ahmed Tinubu’s administration has approved a $1billion loan from the African Development Bank (AFDB) to support the 2023 budget.
The Federal Ministry of Finance and Coordinating Minister of the Economy made this known in a statement on its X handle @FinMinNigeria.
The statement partly read, “Minister of Finance and Coordinating Minister for the Economy, Wale Edun, OFR, announced that the Federal Executive Council (FEC) has approved a $1B concessionary loan from the AFDB for budget support. Additionally, he highlighted that the.
Also, “The Presidential Fiscal Policy and Tax Reforms committee reported a significant boost in Nigeria’s tax revenue to GDP ratio, rising from 7.5% to 18%.” The statement added.