World Bank: FG Receives $2.25bn Loan For Economic Stability

Federal Government has received a fresh loan from World Bank worth $2.25bn.

The international lender indicated that the two approved loans were targetted at stabilising Nigeria’s economy and supporting the vulnerable populations.

A breakdown of the funds revealed that $1.5bn was set aside to stabilise Nigeria’s economy to Enable Transformation Development Policy Financing Program and $750 million for Accelerating Resource Mobilization Reforms Program-for-Results in Nigeria, totalling $2.25bn.

In a statement on Thursday, the bank informed that the loan is intended to provide immediate financial and technical support for Nigeria’s urgent economic stabilisation efforts.

It would also enhance the country’s non-oil revenue generation and safeguard oil revenues, thereby promoting fiscal sustainability and enabling the delivery of quality public services.

The statement reads: "The World Bank has today approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Program and $750 million for the Nigeria Accelerating Resource Mobilisation Reforms Programme-for-Results.

“This combined $2.25 billion package provides immediate financial and technical support to Nigeria’s urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk.

"It further supports Nigeria’s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services."

Recall that last month, the Minister of Finance, Wale Edu hinted that Nigeria is set to receive fresh loan from the World Bank worth $2.25bn, expected to be approved on June 13, 2024.

At the spring meetings of the International Monetary Fund and the World Bank, Edun noted that the nation qualified for processing the $2.25bn loan from the World Bank at one per cent interest rate.

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