Okoye said the commission is committed to carrying out its mandate in upholding a transparent and accountable electoral system.
Nigeria has successfully secured a $1.5 billion loan from the World Bank as part of its efforts to implement significant economic reforms, including the removal of fuel subsidies and tax reforms. The loan, approved on June 13, 2024, is part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative. The first tranche of $750 million was disbursed on July 2, 2024, with the second tranche disbursed in November 2024. The loan is structured in two tranches with different maturity periods: a $750 million credit from the International Development Association with a 12-year maturity and a six-year grace period, and a $750 million loan from the International Bank for Reconstruction and Development with a 24-year repayment period and an 11-year grace period.
The loan approval was contingent on Nigeria implementing sweeping reforms such as subsidy removal, exchange rate harmonization, and tax policies. Despite the government’s efforts, the twin policies of fuel subsidy removal and exchange unification have led to increased fuel prices and a higher cost of living for many Nigerians. The government has introduced palliatives, such as disbursing N25,000 to households, but only less than two million households have benefitted. The Compressed Natural Gas Initiative, aimed at providing a cheaper alternative to fuel, has not been fully implemented, resulting in high inflation rates.
