Photo credit: Peoples Gazette
The World Bank has approved a $2.25 billion loan to stabilize the country’s economy.
It is a timely assistance after reforms. It is also to support the poor.
The Finance Minister, Wale Edun, said in April that the country was seeking up to $2.25 billion in World Bank loans. President Bola Tinubu initiated the country’s boldest reforms in May 2023. He scrapped the petrol subsidy and devalued the currency twice in his bid to kickstart growth.
However, the moves increased inflation and worsened the cost-of-living crisis.
Labour unions have been pressuring Tinubu to cancel the reforms.
The loan is expected to support Nigeria’s effort to raise non-oil revenues and promote fiscal sustainability, which will, in turn, assist the country in delivering quality public services.
