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 Oil Blocks Not Licensed for 15 years - World Bank The World Bank report has revealed that Nigeria has not held a licensing round for oil blocks other than marginal fields since 2007, due to uncertainties about future regulatory and has contributed to decline...

FG, World Bank, AFD to spend $575m On Rural Roads   The Federal Government has signed a tripartite agreement with the World Bank and the French Development Agency to commit an envelope to the tune of $575m for the construction of rural roads in 13 states...

Nigeria’s Public Debt, Others Hit 50-year High – World Bank   The World Bank Group has said that public debt in Nigeria and other low- and middle-income countries is now at a 50-year high, which is equivalent to more than 200 per cent of government revenues. In...

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...

Subsidy Overtakes Nigeria's Health, Education, Welfare Budgets   The World Bank says the cost of fuel subsidy in Nigeria has exceeded the government’s spending on health, education and social protection for Nigerians. It therefore said that removing fuel subsidy would help the government towards its poverty reduction...