Wale Edun, the minister of finance and coordinating minister of the economy, has announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion.
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 statement was signed by Mohammed Manga, the ministry’s
director of information and public relations.
“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),” the statement reads.
“The combined total of $2.25 billion will provide essential
financial and technical support as the government continues to address economic
distortions.”
Additionally, Manga said the support package 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.
He said ‘RESET’ aims to strengthen Nigeria’s economic policy
framework, create fiscal space, and protect the poor and vulnerable.
The statement also noted that ‘Armor PforR’ supports tax and
excise reforms, improves tax revenue and customs administration, and safeguards
oil revenues.
Commenting on the approval, Edun welcomed the support of the
World Bank.
“We have undertaken bold and necessary reforms to restore
macroeconomic stability and put Nigeria on a path to sustainable and inclusive
economic growth,” he said.
“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.”
On his part, Ousmane Diagana, the World Bank vice-president
for Western and Central Africa, lauded the country’s efforts in reforming the
financial sector.
“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,” Diagana said.
“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.”
The vice-president said the financing package will
strengthen the World Bank’s strong partnership with Nigeria and support efforts
to rejuvenate the economy and expedite poverty reduction, serving as an example
for Africa.
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