Tag: World Bank

World Bank, IMF Undermining Nigeria’s University System – ASUU President

Abibat Babalola

The Academic Staff Union of Universities (ASUU) has claimed that the World Bank and International Monetary Fund (IMF) are actively undermining Nigeria’s public education. The accusation was made as the union expressed frustration over the prolonged delay in renegotiating its 2009 agreement with the federal government. Despite multiple Memoranda of Understanding (MoUs) and Memoranda of Action (MoAs), ASUU President Prof. Emmanuel Osodeke lamented that the agreement remains unsigned. Speaking during ASUU’s Heroes Day 2024-2025 ceremony in Abuja, Prof. Osodeke highlighted additional grievances, including the enforced Integrated Personnel and Payroll Information…

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‘Third Biggest Debtor,’ Nigeria’s Debts To W’Bank’s IDA Hits $16.5bn

Ganiyu Amodu

In a significant development, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), with its borrowing increasing by 14.4% to $16.5 billion in the fiscal year 2024. This surge in borrowing has pushed Nigeria ahead of India, which previously held the third position, and reflects a growing reliance on international financing to support the country’s development agenda. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by $2.2 billion from $14.3 billion in 2023, marking a notable shift in its borrowing…

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SERAP Asks Tinubu To Probe $1.5bn World Bank Loan To States, FCT

ADEOLA YUSUF

The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to investigate the $1.5bn World Bank loan obtained by the 36 states of the federation, and the Federal Capital Territory. The group also urged Tinubu to probe the “alleged mismanagement of the Chinese loans of $3.121bn obtained by the Federal Government.” SERAP asked the President to “direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and appropriate anti-corruption agencies to promptly and thoroughly investigate” how the loan was spent, thereby reducing “poverty and social protection across…

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Nigeria Secures $500m World Bank Loan To Fund DisCos

Ganiyu Amodu

The federal government has secured a $500 million loan from the World Bank to fund electricity Distribution Companies (DisCos). According to the Bureau of Public Enterprises, in a statement in Abuja, yesterday, the loan would fill financing gaps in the distribution segment, considered as the most problematic in the industry. “This funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos. “The Distribution Sector Recovery Program (DISREP) is designed to enhance the financial and technical operations of the DisCos through…

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Power Epilepsy lands Nigerian businesses in $58bn loss in 24 months

Tade Salako

  6 Six in 10 of registered customers are not metered, and their electricity bills are not transparent and clear, World Bank says in damning report about Nigeria’s electricity sector   Businesses in Nigeria lost $58 billion in two years to power supply epilepsy. World Bank, which said this in an estimate about the OPEC country, which is the largest oil producer in Africa, maintained that businessmen in the country are losing each year around US$29 billion because of the unreliable power supply. “Businesses in Nigeria lose about $29bn annually because of…

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