The World Bank has confirmed the approval of two significant financial operations aimed to stabilize the economy and support those at economical risk
This was confirmed in the statement by the bank on Thursday, “The World Bank has today approved two operations; $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 (PforP)
“This combined $2.25 billion package provides immediate financial and technical support to Nigeria’s urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk. It further supports Nigeria’s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services,” the statement reads.
Minister of finance, Wale Edun emphasizes that this bold step will restore Nigeria microeconomics stability and put the country back on sustainable and inclusive growth path.
