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

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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

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Beyond Hoes and Sticks: The Power of Education for Peace in ArewaNigerian Air Force Welcomes 30 New Helicopter Pilots, Commissions Upgraded FacilitiesFG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from NBSATinubu's Government Unveils Multi-Sectoral Initiatives to Boost Northern Region's DevelopmentFG Redesigns Agricultural Curriculum to Empower YouthFG Secures China Funding to Fast-Track Kaduna–Kano Rail CompletionFG Unveils Livestock Blueprint to End Herdsmen-Farmers CrisisFG Completes 135 Roads, Launches 216 New Projects in Northern NigeriaJUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire ServiceTroops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover FirearmsPolice Nab Woman Linked to Murder of Pregnant Nurse, Mutilation in Anambra NIPR Slams Fake News Peddlers over Alleged Lafia Flyover CollapseTinubu Offers Automatic Jobs, Gifts N250k to 210 Ex-CorpersKaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information CommissionerCustoms Partners US Mission to Prevent Expanded Visa Ban
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