The World Bank has disbursed additional funds to Nigeria under the $800m National Social Safety Net Programme-Scale Up, raising the total amount released to $530m The World Bank’s official website revealed that the cumulative disbursement had increased from the earlier reported $315m in 2023 to $530m this year, reflecting fresh inflows into Nigeria’s accounts for…
The World Bank is set to approve fresh loans totaling $632m to Nigeria today (Monday) amid mounting concerns over the country’s rising debt profile The loans are intended to support key areas, including improving nutrition and providing quality basic education. According to information from the World Bank’s website on Sunday, two loans are set to…
The China Development Bank (CDB) has granted a loan of 245 million euros ($254.76 million) for constructing the Kano-Kaduna railway project in Nigeria. A statement by the bank on Tuesday said the move was to provide financial support for the smooth progress of the project. The Kano-Kaduna railway, with a total length of 203 kilometres,…
The Washington-based World Bank has disbursed Nigeria a $1.5 billion foreign loan as part of the federal government’s effort to implement fuel subsidy removal and tax reforms. This is according to the World Bank’s recent document on the loan’s progress. The document showed that the loan was approved on June 13, 2024, with the first…
The World Bank has announced the removal of several loan fees to make borrowing more affordable for vulnerable countries. The move, according to the World Bank, is part of broader efforts to expand financial capacity and address urgent global challenges, including climate change, inequality, and economic fragility. The World Bank said on its official X…
The World Bank has announced nearly $24 billion in loans and grants for some of the world’s poorest nations, which it can leverage to generate a record $100 billion in total spending power. In a statement released on Thursday, World Bank Group President Ajay Banga announced that donor countries have pledged $23.7 billion to replenish…
The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu . The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee. The request which…
