WORLD BANK LOANS $2.25billion TO NIGERIA

The World Bank has contributed $2.25 billion in major funding to the federal government. The foreign lender declared the approval of two major financial transactions meant to benefit Nigeria’s most vulnerable citizens and strengthen the country’s economic stability.

In a statement released on Thursday, the bank said that the $1.5 billion Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Programme and the $750 million Nigeria Accelerating Resource Mobilisation Reforms Program-for-Results make up the combined package, which has a total value of $2.25 billion.

The goal of this financial infusion is to give Nigeria urgent efforts to stabilise its economy significant financial and technical
support.

In addition, it seeks to protect and increase the nation’s non-oil revenue generation, which will support fiscal sustainability and allow for the provision of high-quality public services.

“The World Bank has approved two operations: $750 million for the Nigeria Accelerating Resource Mobilisation Reforms Programme-for-Results and $1.5 billion for the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development
Policy Financing Programme,”
the bank said in a statement.

In order to support budgetary sustainability and allow the provision of high-quality public services, it also seeks to protect and increase the
nation’s non-oil revenue
sources.
According to the bank’s
statement,