• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

  • National
    • ASUU

      “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

      Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      Police Officer

      Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

      Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

    • Government
      • ASUU

        “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

        NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

        At BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health…

        Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

  • Security
    • Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

      Police Officer

      Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

      NDLEA Logo

      NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects…

      NAF Airstrikes, NAF Air, NAF jets

      Scores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in…

  • Features
    • Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      What Life Really Looks Like for Nigerians Battling Sickle Cell, By…

      Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

      From SDP to ADA to ADC: Can the New Opposition Coalition…

  • State
    • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

      NDLEA Logo

      NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects…

      NAF Airstrikes, NAF Air, NAF jets

      Scores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in…

      Troops of Operation FANSAN YANMA

      Troops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in Katsina

      The suspected notorious Militia member

      Troops Nab Notorious Militia, Recover Weapons in Plateau State

  • Event
    • Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

    • PR Nigeria Award
  • E-Paper
Home Economy  W/Bank Approves $2.25bn to Support Nigeria’s Economic Reforms – Wale Edun
  • Economy

 W/Bank Approves $2.25bn to Support Nigeria’s Economic Reforms – Wale Edun

By
Mohammed Manga
-
June 14, 2024
Wale Edun, Minister of Finance and Coordinating Minister for the Economy
Wale Edun, Minister of Finance and Coordinating Minister for the Economy

W/Bank Approves $2.25bn to Support Nigeria’s Economic Reforms – Wale Edun

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced today the approval of two major financial support packages by the World Bank. This is part of President Tinubu’s ongoing efforts to stabilize 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 (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).

This combined total of $2.25 billion will offer essential financial and technical support as the government continues to address economic distortions.

Additionally, it will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.

Economic Stabilization and Growth

Upon assuming office, the Federal Government was confronted with significant economic challenges, and recognized the need for urgent reforms to correct the economic imbalance and strengthen Nigeria’s financial outlook.
Initial critical steps have been taken to restore macroeconomic stability, boost revenues, and create the conditions necessary to reignite growth and reduce poverty.

These ongoing measures are part of a broader strategy to increase revenues, create jobs, and foster sustainable economic growth.

Read Also:

  • “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike
  • From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah
  • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria

Mr. Wale Edun has welcomed the support of the World Bank and emphasized the necessity for the reforms:
“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. These reforms will create quality jobs and economic opportunities for all Nigerians. We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals.”

World Bank Endorsement

Ousmane Diagana, the World Bank Vice President for Western and Central Africa, praised Nigeria’s efforts: “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. This financing package strengthens the World Bank’s strong partnership with Nigeria and supports efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa.”

Focus Areas of the Programmes

RESET DPF
Aims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable.

ARMOR PforR:
Supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.

Signed
Mohammed Manga, *FCAI*
Director, Information and Public Relations
June 13, 2024

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Wale Edun
  • World Bank
Previous articleIn Clearance Operation, Troops Eliminate Two IPOB Fighters in Abia Forest
Next articleThe Vandals of the Second Niger Bridge
Mohammed Manga
Mohammed Manga

RELATED ARTICLESMORE FROM AUTHOR

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

What Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat Ibrahim

NAF bombardment of terrorists' enclave mounted with solar panels

NAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS Fighters

BREAKING: Olubadan of Ibadan Dies After One Year on the Throne

Yushau Shuaib of PRNigeria, Barrister Nima Salman Mann and Rear Admiral A. A. Mustapha of NIPSS

Cybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials

Man caught trying to hack into FCMB

‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?

This man reportedly caught his wife with their driver in a hotel room

FACT-CHECK: Did a Man Catch His Wife and Driver “Knacking” in a Hotel Room?

‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?

How a Single Electricity Market Will Empower Africa’s People and Economies

World’s Largest Electricity Market Kicks Off as AU Launches Steering Committee to Drive Continental Integration

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs, ICPC and the Audit of Conscience

General Christopher Gwabin Musa, Chief of Defence Staff, CDS

DHQ, NIS Team Up to Revive Nigerian Sports

Recent Posts

  • “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike
  • From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah
  • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria
  • Nigeria Customs Takes Anti-Money Laundering Fight to the Skies
  • What Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat Ibrahim
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
"No Pay, No Work": ASUU Orders Members to Commence Nationwide StrikeFrom Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa IlallahNPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in AlgeriaNigeria Customs Takes Anti-Money Laundering Fight to the SkiesWhat Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat IbrahimPolice Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover WeaponsNDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in EdoGroup Condemns Amaechi’s Comment as Inciteful, DangerousScores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara MountainsTroops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in KatsinaNAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS FightersAt BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health SystemsTroops Nab Notorious Militia, Recover Weapons in Plateau StateCan Nigeria Lead Africa’s AI Revolution? By Shittu Yunus ShittuTinubu to Troops: You Have My Full Backing to Crush Terrorists, Separatists
X whatsapp