May 17, 2021

ADB in discussion with Nigeria on support for Development Policy Reform

1 min read
Nigeria elections
General Muhammadu Buhari (R) and his Vice-President, Professor Yemi Osinbajo, speak to the media in Abuja, Nigeria, 01 April 2015. Muhammadu Buhari won the 28 March presidential elections, it was announced on 31 March, after his opponent, incumbent President Goodluck Jonathan, conceded defeat. EPA/STR

Nigeria — The Federal Government of Nigeria has approached the African Development Bank for Budget Support Loan of US $1 billion.

During the High-Level Mission conducted by the Bank to Nigeria last week to strengthen the policy dialogue on how best the Bank can provide assistance to support the priorities set by the Government, the delegation held discussions with the Government authorities on the proposed policy-based loan.

This request for support is being considered by the Bank and it is envisaged that an appraisal mission will be in Abuja soon to work with the authorities and major stakeholders on this operation. The loan, when approved, will provide a good platform for policy dialogue to support the implementation of critical macroeconomic and sectoral reforms, which have been initiated by the Government.

The Nigerian president is injecting transparency into government accounts and finances.

Buhari implemented a treasury single account on Aug. 9 to capture revenues from all government agencies and ministries at the Central Bank of Nigeria, reducing the risk that cash held by these departments could be misallocated if not outright stolen.

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