The financing includes two $750 million loans from the World Bank, the first for fiscal support for Nigeria's 36 states and the second to offset the pandemic's impact on livelihoods, including food security, and to stimulate economic recovery.
The Export-Import Bank of Brazil is lending Nigeria 995 million euros to help the agricultural sector. "The borrowings are largely concessional loans with low interest rates and a reasonable moratorium and payback period," the senate said in its report on the funding request.
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