The Washington-based World Bank has disbursed a $1.5 billion foreign loan to Nigeria as part of the federal government’s effort to implement fuel subsidy removal and tax reforms.
This is according to the World Bank’s recent document on the progress of the loan.
Charmingpro gathered that the loan had been spearheaded as part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative in six months.
The document showed that the loan was approved on June 13, 2024, with the first tranche of $750m disbursed on July 2, 2024, while the latest disbursement was done in November.
Accordingly, the second tranche disbursement was tied to the fulfilment of specific economic reform conditions and was disbursed in November 2024.
Consequently, this brought the total disbursement from the World Bank to Nigeria to about $1.88 million, representing less than one percent of the total approved $750 million for the ARMOUR project.
