The World Bank has agreed to give Nigeria $2.5 billion loan to bridge the N1.8 trillion deficit in the 2017 budget and fund infrastructural projects, the Minister of Finance, Kemi Adeosun, announced on Wednesday.
Mrs. Adeosun said one of the conditions for the release of the initial tranche of $1.5 billion is a reform of Nigeria’s Forex market.
The Nigerian government has been in talks with the bank on the loan since January 2016 and the loan is capable of stabilising the administration of President Muhammadu Buhari.
Mr. Buhari was elected in 2015 vowing to stabilise Nigeria, fight Boko Haram and deal with corruption.
While his fights against Boko Haram and corruption have been relatively successful, the economy took a hit and protests broke out over hardship in the land.