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The World Bank is unlikely to approve a much-needed USD1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.
A delay in financing from multilateral lenders could leave Africa’s biggest economy and top oil producer, battered by low crude prices, unable to fully finance a record 10.8 trillion naira (USD28.35 billion) budget. The central bank has said Nigeria’s balance of payments gap this year will be USD14 billion.
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