$2.25B World Bank Loan Secured for Tinubu’s Policies.
Wale Edun, Nigeria’s finance minister, announced Thursday night the approval of two significant financial support packages by the World Bank. These loans are part of President Tinubu’s efforts to stabilize and reposition the economy for sustained growth while providing urgent assistance to vulnerable groups.
Edun highlighted that these loans support Nigeria’s ongoing macroeconomic reforms aimed at stabilizing the economy and lifting people out of poverty. The funding includes $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) and $750 million for the Accelerating Resource Mobilization Reforms Programme-for-Results (ARMOR).
The World Bank praised Nigeria’s reforms to restore economic stability, boost revenues, and mitigate the impact of high inflation through measures like unified exchange rates and fuel subsidy reforms. These steps are intended to rejuvenate growth and reduce poverty across the country.
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