THE World Bank has approved a loan of $2.25 billion for Nigeria to enable the Federal Government to sustain its reform momentum, accelerate non-oil resource mobilisation, and support vulnerable Nigerians.
According to media reports, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced the approval of two major financial support packages by the World Bank on Thursday night.
According to the Minister, the loans are part of President Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.
“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. We welcome the support of the RESET and ARMOR programmes as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals,” Edun said in a statement released by the Ministry of Finance today.
The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing, which is set to receive $1.5bn.
The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results (ARMOR), has proposed funding of $750m.
Recall that the Minister of Finance had announced intentions to get the loan at the spring meetings of the International Monetary Fund and the World Bank in April.
