The World Bank yesterday approved a total sum of N2.25 billion for Nigeria to enable the federal government to sustain its reform momentum, accelerate non-oil resource mobilisation, and support poor Nigerians.

In two separate financing interventions, the bank announced $1.5 billion for the country’s Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Programme (DPF) and $750 million for the Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (PforR).

The World Bank said the combined package provided immediate financial and technical support to the country’s urgent efforts to stabilise the economy and scale up support to the poor and most economically at risk.

The intervention further sought to support Nigeria’s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services.

Confronted with a fragile economic situation, Nigeria recognised the urgency of changing course and embarked on critical reforms to address economic distortions and strengthen the fiscal outlook.

The bank noted that the government had taken initial critical steps to restore macroeconomic stability, boost revenues, and create the conditions to reignite growth and poverty reduction.