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Nigeria’s debt to World Bank rises by $660m

Published

10 months ago

August 14, 2022

Advocate News Nigeria

The total debt owed to the World Bank Group by Nigeria rose by $660m in the first six months of 2022.

This is according to data from both the Debt Management Office and the financial statements of the World Bank.

According to data from the DMO, Nigeria debt to the Washington-based bank was $12.38 as of December 31, 2021.

The financial statements of the World Bank for fiscal year 2022 show that Nigeria owes the lending institution $13.04bn as of June 30, 2022.

The International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank, have, over the years, advanced loans to Nigeria.

The IBRD lends to governments of middle-income and creditworthy low-income countries while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries.

Nigeria’s debt to the IDA and IBRD stood at $12.55bn and $486m respectively as of June 30, 2022, compared to $11.97bn and $410.60m in December 32, 2021.

According to a recent Punch report, rising debt has pushed Nigeria up the World Bank’s top 10 IDA borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements for IDA showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia.

The World Bank disclosed recently that Nigeria’s debt, which might be considered sustainable for now, was vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending. Punch

Related Topics:Nigeria’s debt to World Bank rises by $660m

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Enugu govt threatens to shut down institutions, businesses obeying sit-at-home

Published

9 hours ago

June 3, 2023

Advocate News Nigeria

The Enugu State Government has called on residents of the state to ignore the sit-at-home being enforced by some members of the proscribed Indigenous People of Biafria, IPOB.

The government directed all schools, markets, banks, retail outlets, hospitals, transporters, and malls to operate every day of the week, including Mondays.

It warned that defaulters of the directive may be forced to shut down with immediate effect, stressing that the states’s taskforce would be moving around to check compliance.

According to a statement issued on Saturday by the state government, the call followed a recent ban and cancellation of the sit-at-home in the state.

The statement reads, “This is to inform all schools, markets, banks, retail outlets, hospitals, transporters, malls and the general members of the public that, in view of the recent ban/cancellation of Mondays’ sit-at-home by the Government of Enugu State, in all nooks and crannies of the state, they have been directed to go about their normal businesses and activities every day of the week, including Mondays.

“The above-mentioned bodies and others alike are required to comply with the directive as adequate security measures have been taken to guarantee their safety.

The statement noted that members of the government’s taskforce will be moving around to monitor compliance. Any market, transport outlet, or any other body that fails to open for business risks being shut down immediately.

News

Ebonyi: Governor Nwifuru appoints SA on Street Light, 20 others

Published

9 hours ago

June 3, 2023

Advocate News Nigeria

Governor of Ebonyi State, Francis Ogbonna Nwifuru

Governor of Ebonyi State, His Excellency Rt. Hon. Francis Ogbonna Nwifuru has appointed 21 aides as Senior Special Assistants and Special Assistants.

The appointment was contained in a public service announcement signed by Dr. Monday Uzor, the Chief Press Secretary to the Governor.

Below are the list of those appointed into various positions:

Emerike Chinedu – SSA Security, Ebonyi North
Felix Okemini – SSA Security, Izzi LGA
Sunday Ogbonna – SA Security, Abakaliki LGA
Mbam Emmanuel Obinna – SA, Internal Security, Ebonyi LGA
Ogbonna Tobias – SA, Internal Security, Ohaukwu
Chukwuemeka Nwokpo – SA, Internal Security South

Godwin Okum – SA, Internal Security Ezza North
Desmond Edeke – SA, Internal Security Ikwo LGA
Easy Okike-Uzo – SA, Internal Security Onicha LGA
Chukwu Godwin – SA, Internal Security Ohaozara
Obinna Oko-Enyim – SA, Internal Security Afikpo North
Chima Nnachi Okoro – SA, Internal Security Afikpo South
Cletus Nga – SA, Internal Security Ivo LGA
Dr. Boniface Nwankwo – SA Documentation
Leo Ekene Oketa, – SA New Media

Mrs. Ifeoma Agwu – SA, Primary Education
Dr. Sabinus Nwibo – SA, Primary Health Care
Pan Christ Ikechukwu Eze, – SA, Capital City
Sylvester Nwamini – SA, Streetlight
Nnanna Nwangele – SA, Airport Security
Franklin Nkemjika Enyi – SA Airport SecurityAccording to the Statesmen, the appointees will be sworn-in on Monday, 5th June, 2023.
Time: 10 a.m at the Executive Council Chambers, Government House, Ochudo Centenary City, Abakaliki.

News

Tinubu’s government temporary — Atiku

Published

9 hours ago

June 3, 2023

Advocate News Nigeria

Tinubu and Atiku

Defeated presidential candidate of the main opposition Peoples Democratic Party (PDP) in the last general elections, Atiku Abubakar has expressed confidence that he will reclaim his alleged stolen mandate at the court.

He, therefore, referred to the President Bola Tinubu-led APC administration as a “temporary government”.

Atiku Abubakar who addressed elected officials of the PDP during a stakeholders meeting held at the Government House Banquet Hall in Bauchi on Saturday, charged members of the National Assembly of the PDP not to be “rubber stamp members of the National Assembly”.

He added; “You are there to serve as a formidable opposition to this temporary administration.”

According to him, “Based on the results announced by the INEC and pending the determination of electoral challenges in the court, our members elect are not the majority in the National Assembly.

“So, for the time being, they have to prepare to work as an effective, constructive opposition while also preparing for possible roles of the majority party when the cases are resolved. A Government in waiting, so to speak.”

Atiku Abubakar stressed that, “In the recently concluded elections, our party campaigned on specific things, Nigerians are therefore expecting you to work on how to fulfil those campaign promises. That you are not among the INEC selected members is not an excuse not to perform, you must collectively work to put the temporary government on the right direction to serve Nigerians. Don’t be part of rubber stamp.”

He continued; “As you know, the PDP remains the only political party that is led by all its members, not a political party that is led by a few political godfathers. No one individual or group of people are bigger than the party in the PDP. You are Representatives of the party, do not be tempted to leave your party just because of INEC induced temporary setback.

“In the end, the truth shall triumph over falsehood and evil. Therefore, you must please remain resolute, do not work in isolation from one another, you are a team and should always work to together as a team in order to achieve meaningful results and also remain connected to your roots, your constituents and other stakeholders.”

The former Vice President explained that, “Retreat such as this, is like a meeting you will have with someone or a group about to embark on a very important journey or mission.”

“It is to discuss what we expect from the journey, how to prepare adequately for that journey including pieces of advise on how to handle various challenges that might be encountered along the way and also at the destination,” he further added.

He, however, charged the members-elect not to lose hope.

“Don’t ever lose hope, the role of the opposition is holding the government in majority party to account. And in doing so, you demonstrate that you and your party are ready to govern at the shortest possible time,” he said. (STribune)