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Browsing: Nigeria secures $2.25billion World Bank loan
- The World Bank has approved a $2.25 billion loan for Nigeria to shore up revenue and support economic reforms.
- $1.5 billion of the loan will help protect millions who have faced growing poverty since a year ago.
- $750 million, the bank said, will support tax reforms and revenue and safeguard oil revenues threatened with limited production caused by chronic theft.
Nigerian President Tinubu’s economic reforms, including ending decades-long but costly fuel subsidies and unifying the multiple exchange rates have resulted in surging inflation that is at a 28-year high.
Under growing pressure from citizens and workers protesting the hardship, Tinubu’s government said that it was seeking the loan to support its long-term economic plans.
The government said it was also taking steps to boost foreign investment inflows which fell by 26.7 per cent from US$5.3 billion in 2022 to US$3.9 billion in 2023, according to the Nigerian Economic Summit Group …