Tag: World Bank
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World Bank-Supported AGILE Project Improves Learning Conditions for 778,000 Katsina Students
By George Omagbemi The World Bank-supported Adolescent Girls Initiative for Learning and Empowerment (AGILE) Project has improved learning conditions for more than 778,000 students in Katsina State through investments in school infrastructure and educational support. According to the Katsina State Government, the intervention has upgraded 581 secondary schools through School Improvement Grants, helping to provide…
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Nigeria Spent ₦7.7trn on Debt Interest Against ₦6.2trn Revenue in Six Months – World Bank
By George Omagbemi Nigeria’s Federal Government spent more on servicing interest on its public debt than it generated in revenue during the first half of 2026, highlighting the pressure debt obligations continue to place on the country’s public finances. Figures from the World Bank’s October 2026 Nigeria Development Update, titled Beyond the Federal Purse: How…
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Tinubu Welcomes World Bank Report as Nigeria’s Growth Forecast Rises to 4.3%
By George Omagbemi ABUJA — October 12, 2026. President Bola Ahmed Tinubu has defended his administration’s economic reforms, citing improved economic growth, stronger foreign reserves and increased revenue allocations to states, following fresh assessments by the World Bank. In a statement issued on Sunday, October 11, Tinubu welcomed the bank’s October 2026 Nigeria Development Update,…
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Naira outperforms several African currencies — World Bank
By Opeyemi Adelakun The naira was among the more resilient African currencies during the second quarter of 2026, despite pressure from geopolitical tensions and higher energy prices, according to the World Bank. The finding was contained in the World Bank’s October 2026 Africa Economic Update, which assessed exchange-rate movements across 22 African countries outside the…
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Atiku Challenges FG Over Proposed $1.5bn World Bank Loan
By Opeyemi Adelakun African Democratic Congress presidential candidate Atiku Abubakar has challenged the Federal Government to account for Nigeria’s existing debt before proceeding with its proposed $1.5bn borrowing from the World Bank. Atiku made the demand in a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, following reports that the Federal…
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With Tinubu’s Fresh World Bank Loan Request, Each Nigerian’s Debt Burden Hits ₦716,822
By George Omagbemi Nigeria’s rising debt profile has triggered fresh questions over government borrowing and accountability as the Federal Government opens discussions with the World Bank for three proposed financing facilities worth $1.5 billion, even as public debt reaches ₦166.79 trillion. Reports calculated Nigeria’s public debt burden at approximately ₦716,822 per citizen, based on the…
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Tinubu Seeks Fresh $1.5bn World Bank Loan
By George Omagbemi President Bola Ahmed Tinubu’s administration is seeking fresh World Bank financing totalling $1.5 billion, even as Nigeria’s public debt climbs to a record ₦166.79 trillion. Documents from the World Bank show that the proposed borrowing comprises three separate $500 million facilities targeting climate resilience, social protection and early childhood development. The latest…
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World Bank Declines $717M Power Loan For Nigeria
By Paul Joseph The World Bank and the Federal Government of Nigeria has officially cancelled the remaining $717.7 million World Bank loan earmarked for the nation’s power sector, marking an early end to a major electricity recovery programme as the country struggles with deteriorating electricity supply and mounting financial pressures. According to documents released by…
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IMF Warns Nigeria’s Weak Budget Credibility Threatens Fiscal Stability
By George Omagbemi Sylvester The International Monetary Fund (IMF) has warned that weak budget credibility and poor implementation practices are undermining Nigeria’s fiscal stability, worsening revenue gaps, encouraging opaque spending, and weakening public trust in governance. The warning was highlighted on May 14, 2026, in a new IMF assessment examining budget execution across sub-Saharan Africa.…
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FG Seeks Fresh $1.25bn World Bank Loan Amid Rising Debt Concerns
By George Omagbemi Sylvester The Federal Government is seeking a fresh $1.25 billion loan from the World Bank to support economic reforms, job creation, digital expansion, electricity access, and agricultural development under President Bola Tinubu’s administration. The move became public on May 12, 2026, after reports showed that negotiations between Nigeria and the World Bank…
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Tinubu Hosts World Bank Leaders in Abuja
By Ashiru Taofeek Adewale President Bola Tinubu and Vice President Kashim Shettima met with a top team from the World Bank on earlier today. The meeting took place at the State House in Abuja. The World Bank group was led by Anna Bjerde, the organization’s Managing Director of Operations. The President’s adviser, Bayo Onanuga, shared…