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The World Bank has disbursed $751.88m out of the $1.5bn loan recently approved for Nigeria.
The disbursement, which is part of the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project, took place on June 28, 2024.
This loan is a component of the broader $2.25bn approved by the World Bank to enhance Nigeria's economic stability and support its vulnerable populations.
The $1.5bn loan consists of two separate agreements between Nigeria and the World Bank: a $750m International Development Association credit and a $750m International Bank for Reconstruction and Development loan.
The disbursed amount includes the full $750m from the IDA loan and $1.88m from the IBRD of the World Bank, with an outstanding balance of $748.13m and fee charges of $1.88m.
The proposed DPF for Nigeria is a standalone operation with two tranches aimed at supporting significant reforms aligned with the government's economic stabilisation and recovery priorities.
This operation focuses on four key results across two pillars, including increasing fiscal oil revenues, boosting non-oil fiscal revenues, expanding social safety nets for vulnerable Nigerians, and raising the import value of previously banned products.
The Federal Ministry of Finance is responsible for implementing these reforms under the oversight of the World Bank, in collaboration with other national stakeholders such as the Central Bank of Nigeria and the Ministry of Humanitarian Affairs and Poverty Alleviation to monitor and assess progress and impact.
