W/Bank Supports FG On Petrol Subsidy Removal       The World Bank said on Thursday that the removal of petrol subsidy in Nigeria was an important step amid the COVID-19 crisis. The bank, in its ‘Africa’s Pulse’ report entitled ‘Charting the road to recovery’, said countries in sub-Saharan...

79 million Nigerians Extremely Poor In 2018 – W/Bank       Nigeria has the largest poor population in sub-Saharan Africa, with 79 million extremely poor in 2018, the World Bank said in a new report on Wednesday. The country accounts for 20 per cent of the total poor...

Fresh World Bank, AfDB, IDB Loans May Raise Nigeria’s Debt To N31.7trn       fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria’s total public debt stock to N31.699tn in coming months. Nigeria currently expects about $1.844bn (N699.1bn at...

DPR: $1.5bn World Bank Loan May Be Needless       The Department of Petroleum Resources (DPR) at the weekend said with the remittance of at least $1.03billion to the Federation Account and an additional $600million expected from oil and gas royalties and legacy debts, the delayed $1.5...

Nigeria Owes World Bank N3.96trn — DMO     Nigeria’s highest external debt stock to a multilateral or bilateral financial institution is its $10.46bn (N3.965tn at the official rate of N379/$) indebtedness to the World Bank Group, latest figures from the Debt Management Office have shown. An analysis...

Budget Support: IMF, World Bank Conditions Behind Subsidy Withdrawal, Electricity Tariff Hike     The Federal Government’s removal of petrol subsidy and the increase in electricity tariff are in line with reforms being sought by the International Monetary Fund and the World Bank, economic experts have said. The...