Federal Executive Council FEC on Wednesday granted approval for the additional share capital granted Nigeria by the International Bank for Reconstruction and Development IBRD
The Minister of Finance, Budget and National Planning, Zainab Ahmed while presenting a memo on the additional capital increase for Nigeria by the International Bank for Reconstruction and Development IBRD, announced that Prior to now, Nigeria had a share capital of 16187 shares at the IBRD.
The Council approved the new capital increase which was earlier adopted in October, 2018 raising Nigeria’s capital to 3230 shares both for general and selected capital increase.
Briefing State House Correspondents after the Federal Executive Council FEC meeting, the fourth consecutive weekly FEC presided over by Vice President Yemi Osinbajo the Minister stated that the increase brought Nigeria’s share capital at the Bretton Woods Institution to a total share capital of $50,637,747.60m.
“This additional subscription by the Bretton Woods Institution is necessary to strengthen the county’s position in the global financial architecture
The Ministry also formally announced that Nigeria is now a Middle-income country, based on its Gross Domestic Products GDP $397b and per capita income of $1960 per person per head.
Details later…
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