Nigeria’s Inflation Exceeds World Bank Projection By 20%   Despite raising its Monetary Policy Rate (interest rate), Nigeria’s inflation rate is now 20 per cent above the World Bank’s projection of 15.5 per cent. In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business...

States To Lose N19bn In Oil, Gas Revenues In 2022 – World Bank   The World Bank has said 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...

Nigeria’s Forex Reserves To fall, CBN Plans $1.7bn Arrears Payment   Nigeria’s forex exchange reserve will fall in 2022 as the Central Bank of Nigeria (CBN) plans to clear about $1.7bn in FX backlog to foreigners and FX forward contracts, the World Bank has said. The global...

Nigeria To Lose N5trn From Petrol Subsidy - World Bank   The World Bank has warned that Nigeria could lose around N5trillion in the year from subsidising petrol. The World Bank, in its Nigeria Development Update (NDU) released yesterday in Abuja, said N5 trillion is urgently needed...