The World Bank has come to the aid of Nigeria by putting in a whopping amount of $2.25bn to ease the economic turmoil that has ravaged the country in recent times.
The Minister of Finance, Mr. Wale Edun, duly announced the generous donation by the World Bank. In his statement, he described the World Bank’s donation as an effect of the unwavering effort of President Tinunbu to ease and eradicate the economic turmoil that has plagued the country.
Speaking further, he disclosed that the President has the interest of the masses in mind and has been looking at ways to tackle the high poverty rate and hike the cost of food and services across the country. He stated that the support by the World Bank is a testament to the President’s effort.
Shedding light on the donation of the World Bank, the Director for Information and Public Relations, Mohammed Manga, disclosed the breakdown of the donation of the World Bank.
He said that the breakdown of the World Bank’s $2.25bn includes $1.5 billion for funding Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF).
The remaining $750 million is set out to cater to the Nigeria Accelerating Resource Mobilization Reforms(ARMOR)Program-for-Results (PforR).
He said that the total amount of $2.25 billion will also support other financial and technical aspects of the economy while supporting Nigeria’s desire to provide different ways of getting revenue and supporting efficient public services.
Recall that the administration of President Tinunbu has been faced with economic turmoil since its inception into power and has been forced to produce measures to tackle its adverse effect on many Nigerians. Urgent steps have been taken to reduce the impact of the economic instability, but the government is trying to put in more measures and effort to tackle it completely.
