Home Foreign Affairs Economic & Finance FG Secures $2.25bn World Bank Loan for Economic Reforms

FG Secures $2.25bn World Bank Loan for Economic Reforms

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The Federal Government has secured $2.25 billion in financial support from the World Bank to bolster ongoing economic reforms aimed at stabilising the economy and fostering inclusive growth.

This was disclosed late Thursday by the director of press in the ministry of finance, Manga Mohammed.

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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, confirmed the approval of two significant financial support packages by the World Bank to the President Bola Tinubu-led government.

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The initiatives were part of President Tinubu’s broader efforts to stabilise the economy, position it for sustained growth, and provide urgent support to the poor and vulnerable, he said.

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The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).

This combined total of $2.25 billion will provide essential financial and technical support as the government continues to address economic distortions.

Additionally, the support will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.

Source: JUST-IN: Federal Gov’t Secures $2.25bn World Bank Support For Economic Reforms (leadership.ng)

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