The World Bank has voted in favour of a $2.25 billion financial support package for Nigeria that will serve as a much-needed boost to the country’s economic reforms. It comes two weeks after Finance Minister Wale Edun spoke about the need to stay the course after tough reforms like the removal of fuel subsidy and a long-running currency peg accelerated inflation.

“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil,” President Tinubu said on June 12, a public holiday to celebrate democracy. He has pledged to raise revenues and tackle inflation.

“The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET), Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resourcer Mobilitation Reforms (ARMOR),” a statement from the Minister’s office said.

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.”

Despite some early reforms, economic analysts have criticised the government’s follow-through. After an initial removal of fuel subsidy, a foreign exchange rate spike and a rise in global oil prices forced the government to begin quietly paying subsidies.

And despite a free float of the naira and several interest rate hikes, FX prices have remained unpredictable, swinging wildly in February, gaining ground in March before losing momentum again by the end of April.

FX prices have partly contributed to the acceleration of inflation and multiple taxes and excise duties on food products and other goods have not been removed. A presidential task force has recommended the removal of several taxes and expects to see progress by the end of the year.

https://techcabal.com/2024/06/13/world-bank-approves-2-billion-support-for-nigeria/

I couldn't find where Nigeria requested for this loan?

Is this a forced loan?

What is the meaning of financial support.as in the money is free and not a lone

Osim financial support as per sugar daddy tinz?

It is another LOAN!

Despite our debt profile and debts servicing,,another $2.25B loan is a bad idea.The re-looted ones been borrowed by previous government contributed to the mess we're into.Its will do us good if all the financial institutions stop all the borrowings

We always hear all these as stories

Buhari don pay d one he borrow?

helinues:


I couldn't find where Nigeria requested for this loan?

Is this a forced loan?

Forced loan? How?
You clowns will not not seize to amaze somebody.
I understand what you are trying to do 😊 let's blame the world bank and not the Tinubu government.

overall90:


Forced loan? How?
You clowns will not not seize to somebody.
I understand what you are trying to do 😊 let's blame the world bank and not the Tinubu government.

https://www.nairaland.com/8123932/world-bank-doubts-cbns-ability

Help yourself with that thread

In exchange for more crude and more patronage in military wares.

And world bank will equally ask tinubu to squeeze more life out of Nigerians to pay them back speedily.
God we only depend on you.

Them go use this money now build inflated none important infrastructure projects while SMEs suffer