Nigeria has received $751.88 million from the World Bank, part of a recently approved $1.5 billion loan intended to help with the country’s economic reforms. This funding is part of the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) project, which comprises two agreements: an International Development Association (IDA) credit of $750 million and an International Bank for Reconstruction and Development (IBRD) loan of $750 million. The disbursed loan includes $750 million from the IDA and $1.88 million from the IBRD, with the remainder to be disbursed at a later date. The RESET project aims to increase fiscal oil revenues, boost non-oil fiscal revenues, expand social safety nets for 67 million vulnerable Nigerians, and raise the import value of previously banned products. The Federal Ministry of Finance, in collaboration with other national stakeholders, is responsible for implementing these reforms under the World Bank’s supervision.
SOURCE: NAIRAMETRICS