The World Bank has approved a $2.25 billion loan facility for Nigeria to back President Bola Ahmed Tinubu's economic reforms despite the rising debt profile in the country. Wale Edun, Minister of Finance disclosed this in a statement on Thursday. Edun said the loan is to fund two critical economy projects, Nigeria Reforms for Economic Stabilization to Enable Transformation and NG Accelerating Resource Mobilization Reforms Programme-for-Results with a proposed funding of $1.
According to the statement, Ousmane Diagana, the World Bank Vice President for Western and Central Africa said Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty. “It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis.