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The World Bank has granted Nigeria a $1.5 billion loan as part of the federal government’s effort to implement fuel subsidy removal and tax reforms. This is according to the World Bank’s recent document on the progress of the loan. The loan had been spearheaded as part of the Reforms for Economic Stabilisation to Enable […]
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The World Bank has advised the Federal Government of Nigeria against reversing its ongoing economic reforms, regardless of the biting economic hardships in the country. The bank noted that such actions could have severe negative implications for the country. The advise comes in the wake of significant public discontent regarding the government’s economic policies, particularly the removal […]
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Nigeria has emerged as the 3rd biggest debtor to the World Bank’s International Development Association (IDA). This represents a significant increase in the country’s borrowing from the institution. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY) of 2023 to $16.5 […]
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Oyo State Governor, Seyi Makinde, has countered claims by President Tinubu that the federal government granted N570 billion to the 36 states of the federation, stating that the information is not completely accurate. In a newsletter signed by the governor and published on the state’s official website on Thursday, Makinde said the funds disbursed was […]
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The World Bank has granted a $2.25 billion boost to President Bola Tinubu’s measures aimed at economic stabilization and aiding vulnerable citizens. Speaking on Thursday night, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed two significant financial support packages. According to the Nation, they include $1.5 billion for the Nigeria […]
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Nigeria’s Minister of Finance, Wale Edun, has said that Nigeria has approached the World Bank for up to $1.5 billion in funding to alleviate a severe dollar shortage. The Coordinating Minister of the Economy said that the move would support the national budget as the severe dollar shortage has contributed to the Naira’s steep decline. […]
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The Federal Government through the Minister of Finance has secured a budget support loan worth $1.5bn from the World Bank. It said it is also expecting another loan worth $80m from the African Development Bank to finance various projects in critical sectors of the economy. This was confirmed on Monday by the Minister of Finance […]
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Reports have emerged that the federal government will spend the next 25 years repaying an $800 million loan approved by the World Bank as subsidy palliative. Zainab Ahmed, Minister of Finance, Budget and National Planning, revealed in a statement to State House correspondents that the Federal Government secured $800m from the World Bank to provide […]
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