The Director-General of the International Labour Organization (ILO), Gilbert F. Houngbo, has called for more assistance to debt-distressed developing countries to enable them to continue funding social protection and decent work programmes. Houngbo, in statements delivered at the World Bank/International Monetary Fund (IMF) meeting holding in Marrakech, Morocco, told the World Bank Development Committee that […]
The World Bank on Friday announced the approval of a fresh $700 million loan for Nigeria to assist the country in the implementation of an ongoing project – the Adolescent Girls Initiative for Learning and Empowerment. The Bretton Woods institution, in a statement published on its website, disclosed that the loan would help to scale […]
The World Bank has predicted that the recent military takeover of government in Niger Republic will likely mount additional pressure on the region’s food markets, with the attendant implications for rising prices for food items. The Washington D.C-based development finance institution made this forecast in its September Food Security update and the bank’s response to […]
The World Bank Group has unveiled plans to fund 1,000 mini solar power projects in Nigeria as part of its support for the nation’s current drive towards transition from fossil-fuel powered energy to climate-friendly green energy alternatives. The President of the bank, Ajay Banga, who made the pledge on Saturday, said that under the first […]
President Bola Tinubu has written a letter to the Senate seeking approval to obtain a loan of $800 million from the World Bank to finance the Federal Government’s National Safety Net Programme. The president’s letter titled “Request for Approval of Additional Financing of the National Social Safety Net Programme Scale-up by the National Assembly” was […]
BudgIT has launched its States Fiscal Transparency League (SFTL), an initiative which builds on the recently concluded World Bank’s State Fiscal Transparency, Accountability, and Sustainability (SFTAS) Programme, designed to promote fiscal transparency and facilitated accountability in public resource management. It would be recalled that the World Bank developed SFTAS (States Fiscal Transparency, Accountability, and Sustainability), […]
The World Bank Group hinted on Tuesday of its plan to commit additional $750 million to improve access to electricity in Nigeria through the Nigeria Electrification Project (NEP). The bank’s Director of Strategy and Operations for Western Central African Region, Ms Elizabeth Huybens, made this disclosure while inspecting the 60 Kilowatts Mini Grid Project being […]
….says govt could safe N11trn from fuel subsidy removal by 2025 The World Bank Group has said that Nigeria can leverage the new reforms of the President Bola Tinubu-led administration to address her current macroeconomic imbalances. The Washington-based development finance institution made this remark during the launch of the June 2023 edition of the Nigeria […]
The World Bank has raised its 2023 global growth forecast to 2.1% as many economies, especially the U.S economy continue to exhibit stronger resilience, warning, however, that higher interest rates will cause a larger-than-expected slowdown of global economies next year. The bank, in its latest ‘Global Economic Prospects’ report released on Tuesday, projected that real […]
The World Bank has rated Nigeria and five other countries as currently well-positioned for the implementation of carbon taxes in order to consolidate on the modest achievements recorded by the affected countries on their zero-carbon gas emission drive agenda. Carbon tax is a fiscal policy tool used by governments to levy fees on covered entities […]