The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Thursday announced the approval of two major financial support packages by the World Bank.
He said it is part of President Bola Tinubu’s ongoing efforts to stabilize the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.
In a statement, Mohammed Manga, Director, Information and Public Relations said “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).”
He stated that “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.”
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.
