The federal government is expected to forfeit $10 million from a World Bank credit due to audit shortcomings, delays in launching a national budget portal, and slow implementation of a revenue assurance system. The fund is part of the $103 million fiscal governance and institutions project (FGIP), a public financial management initiative financed through a…
The World Bank, yesterday, described the Budget 2025 key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market. The Federal Government however disagreed, saying that the assumptions were based on the potentials of the…
Nigeria’s economy recorded its fastest growth in about a decade in 2024, the World Bank said yesterday, alluding to early gains of macroeconomic reforms by the President Bola Tinubu’s administration. World Bank’s Lead Economist for Nigeria, Alex Sienaert, pointed out Federal Government’s improved fiscal position, driven by reforms in key areas of petroleum, foreign exchange…
The World Bank has projected that poverty will increase in Nigeria by three percentage points in five years to 2027. The World Bank made this projection in its Africa Pulse report released on the sidelines of the ongoing Spring Meetings of the IMF and World Bank in Washington DC. The report, among other information, painted…
Aliko Dangote, president and chief executive officer (CEO) of Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab. The appointment places Dangote among a select group of global business leaders tasked with driving investment and job creation in emerging economies. The World Bank announced Dangote’s appointment on Wednesday as part of…
The Federal Government and the World Bank have entered a fresh partnership towards tackling poverty and boosting the living standards of Nigeria’s vulnerable populations. This was as the Independent Media and Policy Initiative (IMPI) described the stance of former Senate Chief Whip, Mohammed Ndume, on World Bank loans secured by the President Bola Tinubu administration…
Nigeria has approached the World Bank for a fresh $10.50m loan to enhance the Central Bank of Nigeria’s technical capacity and modernise the country’s domestic payment infrastructure. According to information exclusively obtained from the World Bank website on Thursday by The PUNCH, the proposed CBN Technical Assistance Facility seeks to support integrating innovative technologies and…
The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program. According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to…
The federal government is expected to receive new loans from the World Bank, totalling $2.2 billion in 2025. According to the Washington-based financial institution’s project list, the $2.2 billion will cut across six different projects. World Bank earmarked $500 million for the ‘Community Action (for) Resilience and Economic Stimulus Programme,’ which will be approved by…
The Federal Government has engaged the World Bank for a fresh $300m loan to strengthen Nigeria’s health security infrastructure. Information obtained from the World Bank showed that the loan, which is under consideration, will be implemented by the Nigeria Centre for Disease Control with the Federal Ministry of Finance acting as borrower on behalf of…