Did you know? World Bank Once Borrowed Money From Nigeria

On December 23, 1974, the World Bank borrowed a whøoping $240 million from Nigeria to develop other countries.

The World Bank made the announcement in a press statement on the day the agreement was signed between its management and Nigerian officials.

The statement which can still be found on the website of the World Bank, dated December 23, 1974, has the title: "BORROWING FROM THE FEDERAL REPUBLIC OF NIGERIA."

The statement reada as follows:

"The World Bank announced today that it has signed an agreement with the Federal Republic of Nigeria for a loan to the World Bank of $240,000,000.

"The loan will carry an interest rate of 87o per annum, payable semi-annually, and will be repaid in ten installments of $24,000,000 each on December l of each of the years 1980 through 1989.

"This loan represents the first long-term borrowing operation by the World Bank in Nigeria and provides net new resources to the Bank to help meet the requirements of other developing countries. The proceeds of the loan will be used in the general operations of the Bank."

Also, sometime ago, Nigeria's Minister of Finance in the Second Republic, Alhaji Abubakar Alhaji hinted that the International Monetary Fund (IMF) also requested and got a loan from Nigeria in 1974.

Alhaji stated that he was the one that signed-off on the loan when he was the permanent secretary at the Federal Ministry of Finance in 1974.

“In 1974 when I was a permanent secretary at the Federal Ministry of Finance, the IMF approached us for a loan. I signed the agreement on behalf of Nigeria. Unførtunately, today expenses of government have driven us into recess!on,’’