Loan of $500 million has been extended by the World Bank in order to provide support Nigeria during the global financial crisis.
The bank declared, “Nigeria faced serious fiscal issues at the onset of the crisis and the funds were given to Nigeria in the form of budgetary support to the government, for undertaking policy reforms, both in the areas of fiscal management and financial sector reform.
In terms of the content of policy reforms, there were some positive areas, however some other longer term opportunities for reform may not have been seized and overall, the programme was moderately satisfactory in terms of its achievements.
The bank declared, “Nigeria faced serious fiscal issues at the onset of the crisis and the funds were given to Nigeria in the form of budgetary support to the government, for undertaking policy reforms, both in the areas of fiscal management and financial sector reform.
In terms of the content of policy reforms, there were some positive areas, however some other longer term opportunities for reform may not have been seized and overall, the programme was moderately satisfactory in terms of its achievements.