FG’s plan for fresh $5bn oil-backed loan hampered by low price — report
By Obas Esiedesa, AbujaThe Federal Government’s plan to obtain a $5 billion oil-backed loan from Saudi Arabian oil company, Aramco has been hampered by low oil prices in the international market.A report by Reuters citing four sources said the recent drop in crude oil price has raised concerns among banks that were expected to back the deal.Nigeria has in the past obtained about $7 billion loans from Afreximbank ($3.3 billion) and other financial institutions using forward sale of its oil