Nigeria anticipates a $2 billion World Bank loan to tackle pressing issues, with favorable terms including a forty-year duration and a 1 percent interest rate. A tax reform committee is formed to enhance revenue, aiming for an 18 percent tax-to-gross domestic product (GDP) ratio. During a press conference at the World Bank Group and IMF annual meetings, the Nigerian finance minister revealed the approved loan package, emphasizing its significant impact on Nigeria's economic recovery.
Additionally, ongoing discussions with foreign direct investors and assistance from the African Development Bank are noted, signaling collaborative efforts to navigate economic challenges. With 1 percent of GDP currently allocated to costly incentives, Nigeria aims to boost the tax-to-GDP ratio from 10 percent to 18 percent, spearheaded by a newly established tax reform committee tasked with enhancing sector productivity and revenue generation.