The Federal Government has received significant funding from the World Bank worth $2.25bn.
The international lender announced the approval of two significant financial operations aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.
According to a statement from the bank on Thursday, the combined package, totalling $2.25bn, comprises the $1.5bn Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Program and the $750 million Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.
This financial infusion is intended to provide immediate financial and technical support for Nigeria’s urgent economic stabilization efforts.
It also aims to 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 from the bank read, “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.”
