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Inflation rate, $2.5bn World Bank loan... business stories to track this week

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“Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate,” NBS said.

According to a statement on Thursday, this is part of President Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.“The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and $750 million for the Nigeria Accelerating Resource Mobilization Reforms Program-for-Results ,” the statement reads.

 

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Nigerian Govt reveals why it’s seeking fresh $2.5bn World Bank loanThe Minister of Budget and Economic Planning, Atiku Bagudu, says the proposed 2024 supplementary budget would be partly financed with the N50 billion Presidential Infrastructure Development Fund, PIDF, currently held by the National Sovereign Wealth Investment Authority, NSWIA.
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