The Debt Management Office (DMO) on Thursday disclosed that Nigeria’s total public debt rose by 20.2 percent to N39.56 trillion ($95.77 billion) as at December 31, 2021, up from N32.92 trillion ($86.392 billion) in 2020. The Director-General of the Office, Ms. Patience Oniha, gave these figures at a media interactive session in Abuja, adding that […]
Tag: World Bank
Philippines Govt Alerts W/Bank On Plan To Access $500Mn CAT Facility
The Philippines Government may have alerted the World Bank on plans to draw from a $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4. The Philippines government had in November signed up to the $500 million catastrophe contingent line-of-credit. The financing facility is designed to provide […]
Reps Approve Buhari’s $5.8Bn Loan Request
The House of Representatives has approved President Muhammadu Buhari’s loan request of $5.8 billion. The approval of the request followed the adoption of the report of the House Committee on Aids, Loans and Debt Management at Tuesday’s legislative plenary session. The Chairman of the Committee, Hon. Ahmed Safana, while presenting the report, said that the […]
CSEA Tasks FG, States On Loan Utilization For Capital Projects
The Centre for the Study of Economies in Africa (CSEA) has charged the federal and state governments on the need to ensure that borrowed funds are utilized for capital projects with great value-addition potential for the nation’s sustainable development. The economic research think-tank gave the charge in its ‘Nigeria Economic Update Issue 37’ sourced by […]
Nigeria To Flag Off Key Socio-Economic Devt Surveys
Nigeria is set to conduct the Multiple Indicator Cluster Survey (MICS6)/National Immunization Coverage Survey (NICS) with an inaugural meeting of the National Steering Committee virtually held yesterday. The task of the committee is to oversee the whole process of MICS6/NICS2020 to ensure that all activities concerning the survey are effectively carried out for a successful […]
OAuGF, Finance Ministry Seal LoU On SFTAS Programme
The Office of the Auditor-General for the Federation (OAuGF) and the Federal Ministry of Finance Budget and National Planning have signed a Letter of Understanding (LoU) singalling the formal launching of the State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme. The SFTAS is a $750m programme of the Federal Government to reward states for meeting […]
FG Targets N6Bn From 20 Silos’ Concession
The Federal Government is expected to rake in about N6 billion from the concession of 20 silos in different parts of the country to private sector operators. The Minister of Agriculture and Rural Development, Audu Ogbeh, disclosed this to State House correspondents in Abuja after Wednesday’s Federal Executive Council (FEC) meeting, saying that the decision […]
FG Seeks Tenor Extension On World Bank’s $160Mn Job Creation Fund
The Federal Government has formally requested for the extension of the tenor of the World Bank-assisted $160 million job creation grant by 12 months due to its inability to fully implement the Growth and Employment in States (GEMS) projects. The objective of the GEMS project, which is being supervised by the Ministry of Finance and […]
World Bank, CBN Support Review of Land Use Act To Boost Housing
The World Bank and the Central Bank of Nigeria (CBN) have indicated their readiness to collaborate on some steps aimed at reviewing the nation’s existing Land Use Act to create enabling environment for the nation’s housing sector’s growth. As a step towards achieving this goal, the World Bank has extended a $300 million lifeline credit […]
IFC Provides $1Bn To Support Indorama’s Eleme Fertilizer Project
The International Finance Corporation (IFC), the private sector lending arm of the World Bank Group, today announced a new $1 billion debt financing for Indorama Eleme Fertilizer & Chemicals Limited, Nigeria. The fund is for the construction of a new fertilizer line that will expand the company’s capacity of urea fertilizer to more than 2.8 […]