World Bank Loan Application Nigeria Receives 1.5billion Loan The Loan is Meant to Support Fuel Subsidy Removal and Tax System The World Bank has given Nigeria a $1.5 billion loan to support the government’s efforts in removing fuel subsidies and reforming the tax system. This loan is part of the “Reforms for Economic Stabilisation to … Read more
President Bola Ahmed Tinubu has named Aisha Garba, a Senior Education Specialist with the World Bank, as the Executive Secretary of the Universal Basic Education Commission (UBEC). The appointment was confirmed in a statement on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy. EDITOR’S PICKS Sanwo-Olu Donates N75M to Support … Read more
Nigeria’s headline inflation rate rose to 34.60% in November 2024, up from 33.88% in October, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS). EKO HOT BLOG reports that November figure represents a 0.72 percentage point increase from the previous month. On a year-on-year basis, the headline inflation … Read more
Nigeria’s debt to the World Bank’s International Development Association (IDA) rose to $17.1 billion as of September 30, 2024. According to the World Bank’s financial statements for the fiscal year ending September 2024, this marks a $600 million increase from the $16.5 billion recorded in June 2024. With this figure, Nigeria remains the third-largest debtor … Read more
The World Bank has raised concerns over $32 million in unaccounted funds from a Nigerian water sector project, sparking fears of embezzlement and mismanagement. According to the FY2024 Sanctions System Annual Report, the Bank’s Integrity Vice Presidency (INT) discovered the discrepancies during a forensic review of the project’s financial records. EDITOR’S PICKS Trump Taps Fox … Read more
The Academic Staff Union of Universities (ASUU) on Tuesday raised concerns over a concerted effort to undermine Nigeria’s public universities. At ASUU’s 2024 Heroes Day celebration in Abuja, ASUU National President, Prof. Emmanuel Osodeke, accused the World Bank and International Monetary Fund (IMF) of pursuing policies detrimental to the nation’s public education system. According to … Read more
The Central Bank of Nigeria (CBN) is urged by the World Bank to avoid forex auctions and instead adopt a structured, transparent approach to foreign exchange interventions to stabilize the naira. This recommendation was highlighted in the Nigeria Development Update, which suggests CBN focus on a flexible, market-reflective exchange rate policy to foster economic stability. … Read more
The World Bank has leveled serious accusations against the Nigerian National Petroleum Company Limited (NNPCL), alleging inconsistencies and a lack of transparency in its financial reporting to the Federal Account Allocation Committee (FAAC). In its Accelerating Resource Mobilisation Reforms (ARMOR) Report released in May 2024, the World Bank highlighted concerns over NNPCL’s opaque financial practices, … Read more
The All Progressives Congress (APC) in Edo State has accused Governor Godwin Obaseki of recruiting 4,000 teachers to set traps for the incoming administration of Monday Okpebholo. EKO HOT BLOG reports that Prince Kassim Afegbua, a member of the APC Transition Committee, made this allegation in a statement issued to the press on Sunday in … Read more
The administration of President Bola Ahmed Tinubu has secured a $500 million loan from the World Bank to implement the Sustainable Power and Irrigation for Nigeria (SPIN) initiative. This project aims to address critical challenges posed by climate change. Chakib Jenane, the World Bank’s Regional Director of Sustainable Infrastructure Development for West and Central Africa, … Read more
The World Bank has approved three operations totaling $1.57 billion to assist the Federal Government in enhancing human capital through improved health for women, children, and adolescents, while also building resilience against climate change impacts, such as floods and droughts, by improving dam safety and irrigation systems. The new funding includes $500 million to address … Read more
Lagos State Governor Babajide Sanwo-Olu has received accolades from the World Bank for the transformative progress recorded in the state over the past five years. The World Bank’s Country Director in Nigeria, Mr. Ndiama Diop, led a team of executives on a courtesy visit to the Governor at the State House in Marina, commending the … Read more
Lagos State Public Procurement Agency has appealed to the World Bank for support in a bid to further strengthen its operations and deliver on its statutory functions. The Agency’s Director-General, Mr. Fatai Idowu Onafowote, made the appeal during a recent meeting with a six-man World Bank delegation led by Ms. Nazaneen Ismail Ali, Procurement Practice … Read more
The Federal government clarified that ₦573 billion was shared among the 36 state governors and the FCT Ministry, not ₦570 billion each, under the World Bank-supported NG-Cares programme. EKO HOT BLOG reports that the Federal government has clarified reports that each of the 36 state governors received ₦570 billion as support to address economic hardship for … Read more
The Federal Government of Nigeria has submitted a request for a $500 million loan from the World Bank, aimed at enhancing dam safety and addressing other critical water management issues. Eko Hot Blog reports that this substantial financial assistance is intended to bolster infrastructure, ensuring the safety and efficiency of the country’s water resources. The … Read more
Eko Hot Blog reports that the Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment, Ms. Folashade Ambrose-Medebem, says the state has met all criteria to qualify for the first phase of the World Bank-funded State Action on Business Enabling Reforms (SABER) programme on the Ease of Doing Business. Ms. Ambrose-Medebem made the revelation recently … Read more
Shettima Leaves Nigeria, Heads To Nairobi For Summit On African Development. Summit advocates for substantial IDA21 replenishment to accelerate African development. African leaders prioritize human capital, job creation, energy access, climate resilience in IDA’s funding cycle. EKO HOT BLOG reports that Vice President Kashim Shettima has embarked on a journey to Nairobi, the capital of Kenya, … Read more
President Tinubu has approved the appointment of Securities and Exchange Commission (SEC) board members. Mairiga Aliyu Katuka as Chairman and Emomotimi Agama as Director-General. Minister Wale Edun highlighted joint efforts to combat inflation and address liquidity issues at a press briefing. Eko Hot Blog reports that President Bola Tinubu has given the green light for … Read more
FG to issue three new national ID cards to 104 million citizens: bank-enabled, social intervention, and ECOWAS biometric. Rollout timeline pending presidential approval, aiming for distribution within one to two months. Initiative promotes financial inclusion, access to services, and participation in nation-building. EKO HOT BLOG reports that the Federal Government of Nigeria is set to roll … Read more
NLC clarifies Tinubu and Ministers not responsible for 240% electricity tariff hike. World Bank and IMF identified as driving forces behind increase. Upah condemns hike, predicts negative consequences for businesses and economy. EKO HOT BLOG reports that the Nigeria Labour Congress (NLC) has clarified that neither President Bola Tinubu nor Minister of Power, Adebayo Adelabu, are … Read more