Tag: WORLD BANK

’24m Nigerians pushed into poverty by inflation’ – World Bank

Aminu Imam

…But insists petrol should sell N750 per litre Sluggish growth and rising inflation in Africa’s biggest economy have pushed an additional 24 million Nigerians into poverty within five years, according to the World Bank. This was revealed in its latest ‘Nigeria Development Update report for December 2023′, yesterday. The report said: “Sluggish growth and rising inflation have increased poverty from 40 percent in 2018 to 46% in 2023, pushing an additional 24 million people below the national poverty line”. It said the number of poor rose from 79 million in…

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“Suspend loans to Nigeria’s 36 States” – SERAP tells World Bank

Aminu Imam

…Demands probe of loans in Nigeria Socio-Economic Rights and Accountability Project, (SERAP), has urged the World Bank President, Ajay Banga, to promptly, transparently and effectively conduct an investigation into the spending of over $8.5 billion loans and other facilities by 36 State governors in Nigeria. SERAP also urged the Bank to “suspend further applications for loans and any other funding to the 36 States until those States are able to satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners”. Many of the…

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$1.5bn World Bank loan: “Nigeria becoming a carcass” – Moghalu kicks

Aminu Imam

A former Deputy Governor of the Central Bank of Nigeria, (CBN), Kingsley Moghalu, has kicked against the Federal Government’s plan to borrow $1.5 billion from the World Bank. Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while speaking with newsmen at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the loan. Edun, who promised that there would be a coordination of monetary and fiscal policies, pledged that President Tinubu’s administration will not breach Ways and…

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FG ignores debt concerns, takes $1.95bn World Bank loans

Aminu Imam

Federal Government has secured a substantial $1.95 billion loan from the World Bank within the initial four months of President Bola Tinubu’s tenure. This is coming amidst rising public concern over the nation’s increasing debt profile. These funds are earmarked for pivotal sectors including education ($700 million), power ($750 million), and women empowerment ($500 million). The announcement of this borrowing has been met with skepticism by a populace weary of the nation’s long-standing issues such as infrastructure decay and escalating unemployment. While some citizens acknowledge the government’s constrained resources amidst…

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FG receives fresh N535.6bn ($700m) loan from World Bank

Aminu Imam

The Federal Government, under President Bola Ahmed Tinubu, has secured the approval of a fresh N535.6 billion ($700m) loan from the World Bank. The World Bank, which disclosed this in a statement published on the website on Friday, said the new loan is to provide additional funds for an on-going project known as the ‘Adolescent Girls Initiative for Learning and Empowerment’. The statement read in part: “The World Bank has approved additional financing of $700m for Nigeria to scale-up the Adolescent Girls Initiative for Learning and Empowerment programme, whose goal…

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World Bank to begin registration for digital IDs different from NIN for Nigerians

Aminu Imam

The World Bank has stated that it will begin the registration of Nigerians for national digital Identity Cards, (IDs) for Nigerians The Bank’s Country Director for Nigeria, Shubham Chaudhuri, disclosed this at a dinner with the Ministry of Communications and Digital Economy in Abuja on Friday, in Abuja. According to Chaudhuri, the Bank plans to partner with the National Identity Management Commission (NIMC) to ensure the successful registration and rollout of digital national IDs for all Nigerians. Chaudhuri said the bank will work with NIMC to ensure the registration rollout…

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Courtesy Call: Tinubu meets World Bank chief

Aminu Imam

…Says forensic audit of CBN underway President Bola Ahmed Tinubu has revealed that a comprehensive forensic audit of the Central Bank of Nigeria (CBN) is underway. He made this disclosure while addressing an audience with the President of the World Bank, Ajay Banga in attendance, on Friday, at the Presidential Villa, Abuja. The President further disclosed that a thorough overhaul of the Civil Service payroll would soon be carried out, because according to him, he couldn’t believe in the numbers he is seeing, noting that he once had a similar…

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Ex-Finance minister, Zainab Ahmed accused of nominating self for World Bank job

Aminu Imam

Nigeria’s former Minister of Finance, Budget and National Planning, Zainab Ahmed, has been accused of nominating herself to fill the position of an Alternative Executive Director (AED) in the World Bank, a position meant for the country. According to a report by World Street Journal, Ahmed deliberately circumvented the process using her position as minister to hold down the position for eight months to enable her nominate herself and foist a fait accompli on the World Bank Group. By her action, the report said, Nigeria was been denied the opportunity to present…

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FG will save N11tr from subsidy removal – World Bank

Aminu Imam

…7.1m poor Nigerians to lose N5, 000 monthly The World Bank says Nigeria’s government will save a total of N11 trillion from the recent petrol subsidy removal policy. However, the financial body said more people would be pushed into poverty in Nigeria if the government does not provide palliatives to alleviate the effect of the recently implemented reforms. In its latest report, Nigeria Development Update (NDU), released on Tuesday, the Bretton Woods institution said over four million people were pushed into poverty between January and May 2023. The bank, in…

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Inflation pushes additional 4m Nigerians into poverty – World Bank

Aminu Imam

The World Bank has said that the accelerating inflation in Nigeria, Africa’s biggest economy, has pushed an additional four million Nigerians into poverty in the first five months of 2023. In its latest Nigeria Development Update report for June 2023, the Bank said the loss of purchasing power from high inflation has increased poverty in the short-term, pushing an estimated four million Nigerians into poverty between January 2023 and May 2023. Nigeria’s economic performance weakened in the first part of 2023 amid a challenging global context – which has continued…

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