WORLD BANK

The World Bank has projected that Nigeria’s per capita income will return to its pre-pandemic level by 2025. Per capita income or total income measures the average income earned per person in a given area in a specified year. It is…

A recent International Debt Report released for 2023 has shown that Nigeria was the highest recipient of fresh loans in 2022, receiving $2.9 billion from the World Bank. This was followed by Tanzania, which got $2.7 billion in the…

The Nigeria Labour Congress (NLC) has labelled the World Bank an enemy of the country after the financial institution asked the Federal Government to stop the subsidy payment on petrol and raise the cost of the product to N750/litre.…

The World Bank says Nigeria’s petrol should be priced at N750 per litre at the pumps. Alex Sienaert, the bank’s lead economist for Nigeria, made this known during his presentation of the Nigeria development update report, the…

The Socio-Economic Rights and Accountability Project (SERAP) has called on the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the…

Senate President Godswill Akpabio says Nigeria’s destiny is not in the “hands” of the World Bank as the organisation does not understand the country’s challenges. Akpabio spoke in Akwa Ibom on Thursday at a retreat on fiscal policy…

The World Bank has appointed Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun as the Chairman of the African Governors’ Forum. According to a statement on the Ministry of Finance’s X page, the…

President Bola Tinubu, on Friday, declared that his administration is conducting a full forensic audit of the Central Bank and that a complete revamp of the Civil Service payroll is about to take place. ”A comprehensive forensic…

The World Bank has provided one billion dollars to strengthen resilience and improve the livelihood of the people in the countries affected by the insurgency in Lake Chad. The bank’s Country Manager for Chad, Mr Rasit Pertesv, made…

The World Bank has thrown its weight in support of the Federal Government’s subsidy removal and the exchange rate unification. This comes weeks after President Bola Tinubu’s inaugural speech on subsidy removal and the need to unify…

A $500 million loan has been granted by the World Bank Group to aid Nigeria in advancing women's empowerment. Under the leadership of the new President, Bola Tinubu, the World Bank authorised a second loan. It represents an…

After the expiration of the administration of President Muhammadu Buhari, the next administration will begin the repayment of the $800m loan approved by the World Bank as subsidy palliative. This was revealed last week by the…

World Bank has said that the incoming administration in Nigeria will face weak economic growth and policy challenges this year. In its latest Africa’s Pulse report for April 2023, published on Wednesday, the bank predicted a 2.8 per…

Despite the restructuring plan, the World Bank has predicted that interest payments on the Federal Government's borrowing from the Central Bank of Nigeria will consume nearly 62% of government revenue by 2027. The Nigeria Development…

The World Bank has revealed that the Nigeria’s low level of revenue threatens fiscal sustainability and undermines the Federal and State Governments’ ability to finance necessary expenditures in the health, education, and security…