The World Bank has finally broken the silence on the news report that President Muhammadu Buhari-led government is borrowing a whopping sum of $800 million from the multilateral institution. The Director of the World Bank in Nigeria, Shubham Chaudhuri who spoke on Monday in an interview with This Day said …
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The Washington-based World Bank has appointed Ajay Banga as its new President. The World Bank confirmed that Banga, who had a decade-long career in Mastercard, would take over from David Malpass as the next President. The development lender disclosed that Banga would pioneer the institution for five years. The World …
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The World Bank has said the naira lost 10.2 per cent of its value in 2022. The bank was speaking on the heels of the rising food and fuel prices responsible for high inflation in the country in 2022. The global bank disclosed this in its latest Africa’s Pulse report …
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The World Bank has granted the Nigerian government $800 million to put up a comprehensive palliative scheme for its citizens, before the removal of fuel subsidy by June 2023. The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this on Wednesday, shortly after the Federal Executive Council ( …
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The World Bank has lowered Nigeria’s real GDP (Gross Domestic Product) growth rate from 3.2 percent to 3.1 percent for 2022, amid weakening economic performance in the last six months. In its latest Nigeria Development Update (NDU), launched in Abuja, yesterday, the bank said that the nation had to make …
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According to the World Bank, since 2015, when Major General Muhammadu Buhari (retd.) was initially elected as President, the nation’s development has slowed down. Nigeria did well between 2001 and 2014, with an average growth of 7%, and was in the top 15 fastest-growing economies globally, according to the World …
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World Bank Country Director for Nigeria, Shubham Chaudhuri, has disclosed that the World Bank was set to inject the sum of $700 million for adolescent girls education in 19 states of the country. He made the disclosure on Monday, during a parliamentary summit on fast-tracking Nigeria’s demographic transition, organised by …
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The World Bank and French Development Agency have collaborated with the Ogun State government on the construction and rehabilitation of rural roads in the state. The project was to ensure upgrading of 125km rural roads, rehabilitation/backlog maintenance of 200km, spot improvement of 450km, routine maintenance of 700km rural roads and …
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The federal government has debunked reports about Nigeria’s disregard for the World Bank Disclosure Rule and borrowing loans. The Debt Management Office (DMO) issued a statement on Thursday refuting the allegation. The DMO, led by Patience Oniha, said reports that the World Bank blamed Nigeria on the disclosure rule was false. …
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The World Bank has disclosed that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states. This was made known by the Washington-based bank in its Nigeria Development Update report, titled, ‘The Continuing Urgency …
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