Jonathan’s Minister Gives Nigeria $600m To Tackle Recession

Akinwunmi Adesina, former minister of agriculture under ex-president Goodluck Jonathan has kept his promise and given Nigeria $600million out of the $1billion he promised through the Africa Development Bank (AfDB).
The Cable reports that spokesperson for the AfDB Fatima Abubakar confirmed that the executive directors of the bank approved $600 million on Wednesday, November 2.
“The last tranche of 400 million dollars will be approved in 2017,” Abubakar said.
The operation is part of a two-year (2016-2017) fiscal programme support to help Nigeria tackle the current economic recession.
“The facility will also assist the country’s efforts to quickly build a buffer of foreign exchange reserves, which will contribute to easing pressure on the foreign exchange market and stabilising the naira,” she said.
Abubakar quoted Akinwunmi Adesina, AfDB president, as saying: “We must think through innovative solutions to support our regional member countries in crisis situations like this.”
“We must also provide them with the knowledge products they require to get back on track.”
Meanwhile, the South-East chapter of the All Progressives Congress (APC) has appealed to the Senate to reverse its decision to reject the $29.96bn loan request by President Muhammadu Buhari
The publicity secretary of South East APC, Hyacinth Ngwu, in reaction to the lawmakers’ decision, described the Senate’s rejection as an “ill wind that would blow no one any good”.