Nigeria gets W’Bank $1.5bn for subsidy removal, tax bills

he World Bank has fully disbursed a $1.5bn loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax policies, The PUNCH reports.

The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months.

According to a World Bank document , the loan was approved on June 13, 2024, with the first tranche of $750m disbursed on July 2, 2024.

The second tranche, tied to the fulfilment of specific economic reform conditions, was disbursed in November 2024