Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) DPF

The development objective of the Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing for Nigeria is to strengthen Nigeria’s economic policy framework by creating fiscal space and protecting the poor and economically insecure. This operation is structured around two pillars on building fiscal space and protecting the poor and economically insecure households. Five prior actions (PAs) and three tranche release conditions (TRCs) constitute the reforms which significantly advance the government’s current economic stabilization and recovery priorities. The tranching of the operation reflects the importance of near-term follow-up actions to further embed and implement the most critical reforms to safeguard net oil revenues, build non-oil revenues, and support the poor and economically at risk. At the same time, the approach of a standalone operation enables the World Bank to respond to the urgent need for reform and budget support, whilst retaining the flexibility to support specific future policy and institutional reform progress when the time comes.