Skip to Content

Nigeria bets on new $2.25bn World Bank loan to support reforms that have resulted in hardship

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — The World Bank has approved a $2.25 billion loan for Nigeria to shore up revenue and back economic reforms that have contributed to the worst cost-of-living crisis in many years for Africa’s most populous country. The bank said late Thursday that the loan will help bolster measures to protect the poor as well as strengthen tax reforms and revenues. President Bola Tinubu’s economic reforms — including ending decadeslong but costly fuel subsidies and unifying the multiple exchange rates — have resulted in surging inflation that is at a 28-year high. Nigeria already has a high debt profile after its public debt surged by nearly 1,000% in the past decade.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content