The Islamic Development Bank has received a total loan application of $600m (N93bn) from the federal government for developmental projects in the country.
The minister of state for finance, Dr Yerima Ngama, disclosed this yesterday in Abuja during a meeting with delegates from the bank.
The amount excludes the $370 million facility already given by the bank for various development programmes in the country.
A breakdown of the $370 million loan indicated that the education sector got the largest amount of $173 million or 47 per cent, health $74 million or 20 per cent while the agriculture sector was given $85.1 million representing 23 per cent.
It was gathered that three states - Anambra, Gombe and Yobe - got $50 million to boost their food security programme.
The meeting was convened to discuss how the country would benefit from various services offered by the bank.
It had in attendance the executive director representing Nigeria on the board of the bank, Mr. Gambo Shuaibu; the general manager, West Africa region, Mr. Musa Sillah, the country manager, Dr. Mamoud Kamara, among others.
Nigeria became a member of the Islamic Bank in 2005.
The minister said: “We have been meeting with the IDB in the last three days to work on the enlightenment programme which comes up on March 15, this year.
“There is need for Nigerians to be aware of the services of the bank because the objective of the bank is to collaborate with member countries to execute development projects.
“We believe that Nigeria which constitutes 50 per cent of the African market should get a fair share of the resources of the bank and, as at today, the bank has received application worth over $600million from various state government for both social and infrastructure needs of the country.”
Shuaibu said that the business forum being organised by the bank for Nigerian investors would help to stimulate the bank’s commitment to the economy.
He added that the $600 million loan being sought is repayable over a long-term period and does not attract interest payment.