Abuja (Nigeria): As part of a $1 billion budget support programme, following economic reforms introduced by President Bola Tinubu, an executive director of the bank said on Monday, that the African Development Bank (AfDB) will lend Nigeria $500 million this year.
The loan could be approved before year-end, said Bode Oyetunde, who represents Nigeria and São Tomé and Príncipe on the AfDB board.
Oyetunde spoke further at the sidelines of the Nigerian Economic Summit Group (NES) in Abuja, “We have been working vigorously to support Nigeria’s very bold and aggressive macroeconomic reforms under President Tinubu.
“Given all these reforms, it was essential to support Nigeria. They asked us for $1.5 billion. We can achieve $1 billion over two years.
“Last year, we provided $500 million in budget support. This year, we are looking to do another $500 million, subject to board approval.”
Since the assumption of office by President Tinubu in May 2023, Nigeria has embarked on a bold transformation, removing fuel subsidies, unifying foreign exchange rates, and launching tax reforms aimed at stabilising public finances and attracting investment.
As part of its support programme, the AFDB will concentrate on fiscal and power sector reforms, stated Oyetunde.