LAGOS APRIL 26TH (NEWSRNAGERS)-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…
LAGOS JANUARY 22ND (NEWSRANGERS)-The World Bank has imposed a 30-month debarment on two Nigerian companies, Viva Atlantic Limited and Technology House Limited, alongside their Managing Director and Chief Executive Officer, Norman Didam over alleged corrupt practices. The 30-month debarment bars Viva Atlantic Limited, Technology House Limited, and Didam from participating in World Bank Group-financed projects…
LAGOS DECEMBER 30TH (NEWSRANGERS)-The World Bank has fully disbursed a $1.5bn loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax policies, The PUNCH reports. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements…
LAGOS DECEMBER 13TH (NEWSRANGERS)-The Federal Government of Nigeria is to benefit from a Five Hundred Million Dollar loan facility from the World Bank for the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country. The Honourable Minister of Budget and Economic Planning Sen. Abubakar Atiku Bagudu made this known during a courtesy…
LAGOS OCTOBER 23RD (NEWSRANGERS)-The World Bank has ranked the Nigerian government as weak in managing wasteful expenditures, raising concerns over financial transparency and accountability under President Bola Tinubu’s administration. In its Nigeria Development Update, the global institution advised the government to reduce non-essential spending, such as the purchase of luxury vehicles and external training, to…
LAGS OCTOBER 16TH (NEWSRANGERS)-The World Bank Group has urged the Nigerian government to redirect its oil wealth to benefit all citizens, not just the elite. Addressing the current economic challenges, Indermit Gill, the Chief Economist and Vice President of the World Bank stated that the suffering is widespread in Nigeria, with children and young people…
LAGOS AUGUST 13TH (NEWSRNAGERS)-The World Bank Group Finances has disclosed that the Nigerian government is still repaying $10.6billion in loans taken by former presidents. The loans totalling 69 were obtained during the administrations of former Presidents Olusegun Obasanjo, the late Umaru Musa Yar’Adua, and Goodluck Jonathan. The Debt Management Office (DMO) had in June 2024…
LAGOS JUNE 16TH (NEWSRANGERS)-Nigerians have expressed concerns as the World Bank announced the approval of a new loan worth $2.25 billion for the administration of President Bola Tinubu. The World Bank tweeted on Thursday, June 13, that the loan had been approved and was meant to support President Bola Tinubu’s reforms in the country The…