Tag: WORLD BANK

World Bank uncovers $32m ‘missing funds’ in Nigeria’s water project

Aminu Imam
W'Bank on water projects

The World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project. The report, disclosed in the banks’ recently released ‘FY2024 Sanctions System Annual Report’, showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s integrity. “INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged the operations, which was associated with $32 million of unaccounted funds”, stated the report. In a move to recover the fund,…

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“Politicians, IMF, World Bank driving Nigerians towards Venezuela” – Ali Ndume

Aminu Imam
Ndume on hardship

Senator representing Borno-South, Ali Ndume, has accused politicians, the International Monetary Fund (IMF), and the World Bank of contributing significantly to Nigeria’s economic woes. Speaking during an interview on a television programme  yesterday, Ndume warned that their actions are pushing the country toward a crisis similar to Venezuela’s. The senator’s remarks reflect his criticism of external economic policies and domestic political mismanagement, which he believes have combined to worsen the country’s economic challenges. Ndume emphasised the need for a more self-reliant and locally driven approach to economic reforms, urging leaders…

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“Don’t do everything IMF, World Bank asks you to”  Jega tells Tinubu 

Aminu Imam
Jega tells Tinubu

…Says their policies are ‘anti-people’ Former Chairman of the Independent National Electoral Commission, (INEC), Prof. Attahiru Jega, has urged the Nigerian government not to take every advice offered by the Bretton Woods institutions – the World Bank and the International Monetary Fund, (IMF). The former INEC boss gave this advice while speaking at the ongoing 2024 Annual Directors’ Conference, with the theme: ‘Good Governance as a Catalyst for Economic Recovery, Growth, and Development’, organised by the Chartered Institute of Directors of Nigeria, (CIoD), said while it is good and useful…

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World Bank blames Nigeria’s food crisis to Tinubu’s Naira policy, insecurity

Aminu Imam
W'Bank blames Nigeria

The World Bank has blamed the dip in Nigeria’s agricultural sector on the devaluation of the naira by President Bola Tinubu’s administration. This was stated in a recently released development update report on Nigeria. According to the global apex bank, the fall in Nigeria’s agricultural output to 0.8% is because of “naira depreciation. The sluggish growth largely resulted from contractions in livestock production and a slowdown in crop production”. “The sector continues to be affected by unfavorable climatic conditions (low rainfall in 2023 farming season and heat waves in Q1…

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More than half of Nigerians live in poverty’ – World Bank

Aminu Imam
W'Bank on poverty

The World Bank has said reforms undertaken by Nigeria’s government are “essential”, but have piled pressure on its people, more than half of whom live in poverty. Since coming to power in May 2023, President Bola Ahmed Tinubu has introduced reforms aimed at reviving the economy of Africa’s most populous nation. Measures include the liberalisation of the battered naira currency and cutting fuel subsidies, which allowed the state to keep gasoline prices low for decades. In a report published on Thursday, the World Bank said, “The new policy direction is…

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“Reversing current economic reforms spells doom for Nigeria” – World Bank

Aminu Imam
World Bank on reforms

The World Bank has charged Nigerians to support the ongoing economic reforms, warning against opposing or reversing them. The Bank’s Country Director for Nigeria, Dr. Ndiame Diop, who made this call at the Nigeria Development Update, NDU report launch in Abuja, said doing so could have serious negative consequences for the country. Diop, who stressed that while the reforms may be challenging, they are crucial for the nation’s long-term stability, warned that rolling back these reforms would be detrimental; saying reversing them would spell doom for Nigeria. Also, the Minister…

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Covid-19: World Bank approves $500m grant for Nigeria 

Aminu Imam
W'Bank approves

The World Bank says it has approved a $500 million grant to support Nigeria’s recovery efforts from the impacts of the Covid-19 pandemic. The funds, it was gathered, will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus, (NG-CARES) programme. According to reports, the programme was launched in 2021 to aid poor and vulnerable households and micro-small enterprises affected by the pandemic. The World Bank Task Team Leader for NG-CARES, Dr Lire Ersado, revealed yesterday, these at the end of a two-day Peer Learning and Experience Sharing…

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“Nigeria now 3rd largest debtor, owes $16.5bn” – World Bank

Aminu Imam
W'Bank on FG's loans

Nigeria has become the third-largest debtor to the World Bank ’s International Development Association, (IDA). According to the World Bank, Nigeria had $16.5bn loan exposure as of June 2024, as published in a financial statement dated June 30 2024, recently released by the World Bank. The IDA, a key arm of the World Bank, provides concessional loans and grants to the world’s poorest countries. These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations.…

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FG obtains over $751m from $1.5bn recently approved World Bank loan

Aminu Imam
FG on W'Bank loan

The Federal Government has obtained $751.88m out of the recently approved $1.5bn World Bank facility under the ‘Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing (DPF) Programme” project. The loan was disbursed on June 28, 2024, according to documents from the Bretton Wood’s institution. This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations. The $1.5bn loan comprises two separate agreements between Nigeria and the World…

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Economic Hardship: ‘6’ months after, Nigerian poverty rate on the rise’ – World Bank

Aminu Imam
World Bank

The deplorable state of the nation, the hardship level, the heartbreaking state of Internally-Displaced Persons (IDP) camps, and the Increasing Poverty Rate in Nigeria is a damning indictment of President Tinubu ‘Renewed Hope’ mandate’s promise to Nigerians. The further suspension of the Activities of Humanitarian Affairs and all departments of the Ministry shows a lack of sincerity on the side of Mr. President to address the dire need of the poorest of the poor. These camps, intended as a haven for those fleeing conflict and instability, have become a cruel…

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