Tag: WORLD BANK

‘Petrol subsidy burden will affect payment of salaries in 2022’ -World Bank, NNPC warns FG, States

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC) and the World Bank, have warned that the huge burden Nigeria is incurring in the cause of taking care of the controversial petrol subsidy may hamper the ability of the three-tiers of government to pay salaries in 2022. According to a statement from the NNPC, its Group Managing Director, Mele Kyari, during a panel session at the launch of World Bank’s Nigeria Development Update (NDU) bi-annual report, said, “The NNPC may have to start invoicing the federation to be able to maintain subsidy”. Kyari…

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Subsidy removal: Government, citizens must agree – World Bank

Aminu Imam

The Federal Government and the citizens must agree on the removal of petrol subsidy that will cost Nigeria over N3 trillion by the end of 2021, the World Bank’s Country Director for Nigeria, Shubham Chaudhuri, has said. Nigeria’s rising fiscal deficit is yet another sign of the country’s ailing finances and makes a mockery of the government’s insistence to continue with a wasteful petrol subsidy regime that gulps over a trillion naira per annum, among other overly expensive ventures of a cash-strapped government. To solve this, Chaudhuri said “there has…

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‘Inflation could push 6 million Nigerians into poverty’ – World Bank Report

Aminu Imam

…Says urgent policy action needed to curb Covid-19 impact on citizens The World Bank has revealed that the increase in prices that occurred between June 2020 and June 2021 could push about six million Nigerians into abject poverty. This was disclosed by the Bank in a new report titled: ‘Covid-19 in Nigeria: Frontline Data and Pathways for Policy’. The report read: “The rise in prices witnessed between June 2020 and June 2021 alone could push another six million Nigerians into poverty, with urban areas being disproportionately affected. This underscores the…

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‘Nigeria’s per-capita income static in 40 years’ – World Bank

Aminu Imam

The World Bank made a startling revelation that Nigeria’s per-capita income, (PCI), has not improved in the last 40 years as it remained static since 1981. The World Bank’s Country Director for Nigeria Shubham Chaudhuri stated this on Monday at a panel at the ongoing 27th Nigerian Economic Summit, (NES#27), and urged the economy managers to quickly assemble potent strategies to harness the robust potential of the country. The Summit, themed: “Securing Our Future: The Fierce Urgency of Now” drew economic experts, fiscal and monetary policy stakeholders, academia and more.…

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World Bank blacklists 18 Nigerian firms, individuals for corruption

Aminu Imam

A list of debarred individuals and firms was presented in a new annual report, titled: ‘World Bank Group Sanctions System FY21‘. The debarments were made by the World Bank Sanctions Board, World Bank Chief Suspension and Debarment Officer and the African Development Bank, (AfDB). The debarments made by AfDB were recognised by World Bank, making the affected firms to be barred under the cross-debarment policy. Based on the World Bank Sanctions Board’s decision, Mr. Elie Abou Ghazaleh and Mr. Fadi Abou Ghazaleh, alongside their firm, Abou Ghazaleh Contracting Nigeria Limited,…

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74% global youth population in Nigeria, nine others 2035 – World Bank

Aminu Imam

The World Bank, in a new report, states that 74 percent global growth of youth population aged 18–23 will be majorly in Nigeria and nine other countries from 2015 to 2035. The other countries include Angola, the Democratic Republic of the Congo, Egypt, Ethiopia, Kenya, Niger, Pakistan, Uganda, and Tanzania. The report, titled: ‘Steering tertiary education, toward resilient systems that deliver for all’, emphasised the need for smart investments and reforms in tertiary education systems. According to the report, there will be 377.4 million students by 2030, 471.4 million by…

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State of the nation: 61 yrs after independence, Nigerians poorer now than ever – World Bank report

Aminu Imam

…Says number of poor Nigerians may hit 100m by 2022  The World Bank has projected that the number of poor people in Nigeria will increase by 20 million by 2022. The World Bank senior economist, Gloria Joseph-Raji, was speaking at the launch of a 2021 macro-economic outlook report by the Nigeria Economic Summit Group, (NESG).  Quoting the monthly Covid-19 impact survey carried out by the National Bureau of Statistics, (NBS),  Joseph-Raji, said most households have remained in an economically precarious situation despite the pickup in economic activities after the lockdown was lifted.…

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Water projects: Kaduna, Ekiti, 5 others to benefit from $700m World Bank loan

Aminu Imam

The Federal Government has disclosed that seven states will benefit from the first tier of the $700 million World Bank loan for specific water projects. The States are Kaduna, Bauchi, Delta, Ekiti, Imo, Katsina and Plateau. This was made known on Thursday by the water resources minister, Suleiman Adamu at the weekly ministerial press briefing organised by the presidential communication team at the presidential villa, Abuja. The World Bank in May approved a $700 million credit facility that will help deliver improved Water, Sanitation and Hygiene (WASH) services to 2,000…

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Fleeing Nigerians besiege foreign embassies as economy falters, unemployment heightens – World Bank

Aminu Imam

Fifty percent of Nigeria’s 200 million people want out of the country for a better economic future abroad, an increase of nearly 20% since 2014, a new report by World Bank has shown. Consequently, it said, several foreign embassies in the country are having a hard time keeping with the pressure of requests by Nigerians. Its findings revealed that these include far-flung countries such as Ukraine and other eastern countries. The figure underpins the growing hopelessness in Africa’s country, beset by rising unemployment, escalating insecurity and high inflation. It said…

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Nigeria going through its worst unemployment crisis – World Bank

Aminu Imam

Nigeria is currently going through one of its worst unemployment crises in recent times, a new report by the World Bank has stated. The multilateral institution also noted that the socio-economic challenges facing Nigerians in the last 10 years have led to an astronomical increase in the number of citizens seeking asylum and refugee status in other countries. This is as the World Bank, in a separate report, has estimated that about 4,000 Nigerian children were made orphans by the Covid-19 pandemic between March 2020 and July 2021. The report,…

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