News

$2.25BN WORLD BANK SUPPORT FOR TINUBU’S ECONOMIC REFORMS WAY FORWARD FOR NIGERIA-EDUN

By Dele Ogbodo

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has expressed excitement even as he announced on Thursday, the approval of two major financial support packages by the World Bank for the country.

According to him, this is part of President Tinubu’s ongoing unwavering efforts to stabilize the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable. 

The approved operations, he added 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). 

NCC Ad

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.

Edun, has welcomed the support of the World Bank and emphasized the necessity for the reforms, adding: “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.

Related Posts

POLICE MINISTER CHARGES 462 COMMISSIONED CADETS ON DEDICATION

Extraordinaire News

INTERIOR MINISTRY USHERS IN DR. AJANI AS NEW PERM SEC, AS NDAYAKO MOVES TO PRESIDENCY

Extraordinaire News

Minister Calls for Political Will to Drive Research for Development

Extraordinaire News

Police Arrest Killers of Hon. Mante, CSP Garkuwa, 17 Others for Homicide, Kidnapping, Gunrunning

Extraordinaire News

FIRS Boss Tasks Administrators on Imperative of Effective Tax-utilization and Tax-compliance

Extraordinaire News

BPP ACTING DG TO OUTGOING CORP MEMBERS: REGARD YOUR SERVICE AS SACRIFICE FOR NIGERIA’s DEVELOPMENT 

Extraordinaire News

Buhari Appoints Oluwatoyin Madein as Accountant General of the Federation

Extraordinaire News

How FG’s Robust Measures Helped in Curtailing COVID-19 – Aregbesola

Extraordinaire News

FG FIXES FEBRUARY 20th FOR 2024 SEASONAL CLIMATE, RAINFALL PREDICTION

Extraordinaire News

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.