There were earlier reports on Tuesday that the African Development Bank, AfDB has reneged on its promise to lend Nigeria $400 million, about 122 billion naira to support its 2017 budget implementation.

Apparently, the international lender had agreed in late 2016, to lend Nigeria a first tranche of $600 million out of $1 billion to support the implementation of the 2017 budget.

The first tranche went on but the bank’s Vice President, Amadou Hott was quoted by Reuters on Tuesday as saying that the lender will not proceed with the last tranche of the loan.

The bank has now denied this.

In a rebuttal statement on Tuesday afternoon, the bank said it is impressed with Nigeria’s economic recovery and will do whatever it can to keep supporting its growth.

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“The African Development Bank wishes to categorically refute the statement that it has 'called off loans to Nigeria', as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott,” the statement read.

It added: “The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the government's efforts towards diversification of the economy.

“The Bank also strongly supports the Economic and Growth Recovery Plan of the Government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.”

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