Wale Edun, the minister of finance and coordinating minister of the economy, has announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion.

According to a statement on Thursday, this is part of President Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.

The statement was signed by Mohammed Manga, the ministry’s director of information and public relations.

“The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR),” the statement reads.

“The combined total of $2.25 billion will provide essential financial and technical support as the government continues to address economic distortions.”

Additionally, Manga said the support package will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.

He said ‘RESET’ aims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable.

The statement also noted that ‘Armor PforR’ supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.

Commenting on the approval, Edun welcomed the support of the World Bank.

“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth,” he said.

“These reforms will create quality jobs and economic opportunities for all Nigerians.

“We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals.”

On his part, Ousmane Diagana, the World Bank vice-president for Western and Central Africa, lauded the country’s efforts in reforming the financial sector.

“Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty,” Diagana said.

“It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis.”

The vice-president said the financing package will strengthen the World Bank’s strong partnership with Nigeria and support efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa.

The Governor of Lagos State, Babajide Sanwo-Olu, stated that over 75% of Lagos’ revenue is generated internally, distinguishing it from other Nigerian states that rely heavily on federal allocations.

Sanwo-Olu made this disclosure in a statement on Wednesday at the ongoing Afreximbank’s Trade and Investment Forum in The Bahamas.

The governor explained that the state is responsible for more than a third of Nigeria’s Gross Domestic Product (GDP), making the state the commercial hub of the country.

He further stated that the State’s GDP has grown by almost 50% in the last five years.

According to Sanwo-Olu, the State does not rely on the revenue generated from the center like most sub-nationals in the country.

“Lagos State is one of Nigeria’s 36 States and we are responsible for more than over a third of the nation’s entire GDP. In fact, we have a GDP that is greater than all but seven African countries.

“In the last five years and under my leadership, we have seen almost a 50% growth in our GDP in Lagos alone.

“We also account for about half of the country’s total energy demand. We have over 70% of Nigeria’s foreign trade inflow into Lagos.

“And unlike most other subnational government in Nigeria, over 75% of our revenue are generated internally as opposed to being centrally collected from the national treasury,” Sanwo-Olu said.

In addition, Sanwo-Olu shared how the State was able to construct two-leveled interlink projects that helped boost the State’s economy in the past decades.

According to the governor, these projects include the massive reclamation of the Atlantic Ocean to reduce land erosion and displacement of residents in the State.

He said the projects allowed the State to create a brand new city, the Eko Atlantic city, which has now become a global commercial hub for businesses.

“Under the leadership of my predecessor who now happened to be the president of the country, Bola Tinubu, Lagos championed two-leveled ambitious interlink projects.

“First, a massive reclamation of the Atlantic Ocean to reduce land loss over the course of the century to the ravaging surge of the ocean.

“Two, the construction of what is now known as the great wall of Lagos. Almost 10 kilometer long stone and concrete barrier to protect the coastline.

“That project allowed us to create a brand new city, the Eko Atlantic City, which has since then become a global model for environmentally responsive climate action seat. This even predates the Paris Climate agenda,” Sanwo-Olu added.

The Nigeria Deposit Insurance Corporation (NDIC) has listed Heritage Bank assets nationwide for sale.

In an advertorial in a newspaper publication on Thursday, NDIC announced the sale of 48 bank properties and chattel, including vehicles, office equipment, plant, and machinery, located in 62 different locations across the country.

“The Nigeria Deposit Insurance Corporation in the exercise of its right as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding,” NDIC said.

The head office of the bank and its annexe located at 143 Ahmadu Bello Way and 130 Ahmadu Bello Way, Victoria Island, Lagos, was listed for sale, including buildings, chattels, generator, and vehicle.

Others include six other branches in Lagos, four branches in Abuja, four in Rivers states, and across the country.

According to NDIC, interested parties are invited to come for an inspection of the assets and submit their bids at the corporation’s office in Lagos.

NDIC said bids must include 10 percent of the bid amount in a certified bank draft, and successful bidders must pay the remaining balance within two weeks of notification.

On June 3, the Central Bank of Nigeria (CBN) revoked the licence of Heritage Bank Plc with immediate effect.

The regulator, in a statement, said the action was necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

CBN said the board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

Following the revocation. NDIC announced the commencement of the verification and payment to Heritage Bank depositors.

Bello Hassan, NDIC’s managing director, at a media briefing on June 5, promised to settle insured customers within one week, adding that the total bank deposits at Heritage Bank stand at N650 billion while its loan portfolio is above N700 billion.

Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.