The federal government is in talks with the African Development Bank (AfDB) for a $1 billion dollar loan to help cover the shortfalls in the 2016 budget, the Minister of Finance, Kemi Adeosun said on Monday.
The loan would be concessional with an interest rate of 1.2 percent, Kemi Adeosun told reporters following a meeting with AfDB head Akinwumi Adesina.