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Tag: World Bank

  • How Nigeria, others spend $443.5bn to service debt in 2022 – World Bank

    How Nigeria, others spend $443.5bn to service debt in 2022 – World Bank

    Nigeria, alongside other developing countries spent $443.5 billion to service public debt amid surge in interest rate, according to the World Bank.

    The multilateral lender revealed this this in its recent International Debt Report for 2023, a longstanding annual publication featuring external debt statistics and analysis for the 122 low and middle-income countries that report to the World Bank Debt Reporting System.

    “Amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5bn to service their external public and publicly guaranteed debt in 2022,” the World Bank said.

    The Washington-based global lender stated that the rise in borrowing costs had diverted scarce resources away from critical needs such as education, health, and the environment.

    “Debt-service payments which include principal and interest increased by five per cent over the previous year for all developing countries.

    The 75 countries eligible to borrow from the World Bank’s International Development Association which supports the poorest countries paid a record $88.9bn in debt-servicing costs in 2022,” World Bank said.

    World Bank stated that over the past decade, interest payments by these countries have quadrupled, to an all-time high of $23.6 billion in 2022.

    “Overall debt-servicing costs for the 24 poorest countries are expected to balloon in 2023 and 2024 by as much as 39 percent,” it said.

    The Bretton Woods Institution stated that rising interest rates had made all developing nations more vulnerable to debt.

  • The World Bank, IMF, WTO and other witchcraft organisations – By Owei Lakemfa

    The World Bank, IMF, WTO and other witchcraft organisations – By Owei Lakemfa

    The    World Bank’s Lead Economist for Nigeria, Alex Sienaert on Wednesday, December 13, 2023 said he was sniffing around for fuel subsidy    that the Tinubu administration might    still be paying.      Like a headmaster warning an errant pupil, Sienaert told the    Nigerian Government it does not appear to him that    petrol prices are fully adjusting to market conditions so he suspects    a partial return of the subsidy. In his talk down      on the Tinubu government, the Cape Town University- Oxford    graduate claimed that “the cost reflective of retail PMS price” should dictate far higher prices.    He added: “We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”

    The World Bank which like the International Monetary Fund, IMF and World Trade Organisation, WTO exercises power in the underdeveloped countries without responsibility, thinks nothing about    the suffocating cost of fuel which is strangulating the economy and people. In fact, Sienaert says even his    new price is not high enough: “These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.”

    Ordinarily, Nigeria as a self-respecting sovereign nation, should by now have thrown      the arrogant  Sienaert out of the country.

    First, there is nothing wrong or criminal in a government subsidising its people as is done in the West.    Secondly, the World Bank approaches fuel pricing    in Nigeria not as an economic issue, but as a belief that it must continuously rise.    It was N173 per litre in May 2022, one year later it was N545 then, N626, yet the bank wants it to rise further.

    The ‘expertise’ of    Sienaert is not anchored    on sound economic principles. It is based on the fact that he works for the World Bank    and is a product of another shark American institution, JP Morgan. As we know, the latter is ever enmeshed in    fraudulent schemes from unlawful trading in precious metals, criminally trading in US Treasury    to financing international sex trafficking like the Jeffrey Epstein racket. JP Morgan is so fraudulent that it was caught    deleting 47 million files to hide its fraudulent activities in the 1970s and 1980s.

    The World Bank itself is notorious for giving loans to countries like Nigeria and spending the money on their behalf including on American ‘experts’ machinery and vehicles. In other words, the funds    never really leave American shores.

    In    the late 1980s, the World Bank convened a meeting of African leaders in Nairobi and told them Africa does not need universities. That Africa does not need university graduates but technicians. Kenyan President William Ruto    revealed in June 2023 that underdeveloped countries pay far more to borrow money from the World Bank than the Western countries. He added: “We want to pay equal to everybody.”

    In reality, the World Bank is simply a US racket    called the  International Bank for Reconstruction and Development, IBRD established in 1944 to further American interests in the guise of assistance.

    The world does not own a bank, so there is no such thing as a World Bank, what is so-called, is a US racket entrapping    many countries.  This    is why only the US President appoints the President of the World Bank, and only American citizens can be so appointed.

    The European version of this international racket is the International Monetary Fund, IMF. Only Europeans can be the Managing Director of the IMF. Both bodies see the    role of underdeveloped countries as that to provide raw materials, and Europe and America, as that    to manufacture goods and provide intellectuals to run the world. Their aim is to continually under develop Africa and turn its countries    into scrapyards.    They have the same aims and often, the same unimaginative methods. For example, on fuel, they encourage importation, not local refining, and then instruct on prices. In 2011, the then IMF Managing Director, Christine Madeleine Odette Lagarde toured some African countries like Nigeria, Ghana and Kenyan instructing them to drastically increase the price of PMS.

    The decision of the Jonathan administration, prompted by then Finance Minister, Dr.    Ngozi Okonjo-Iweala to implement the directive, led to the historic January 2012 mass street protests in Nigeria in which a number of people were killed.    Today, Madam Lagarde is the President    of the European    Central Bank, and    Madam Okonjo-Iweala, after dumping her Nigerian citizenship for an American one, is the Director General of the WTO. The racketeering goes on amongst the Europeans and Americans while the lives of the poor, continue to be devalued.

    By the way, that was not the first time the IMF was giving clear instructions to Nigerian governments. The IMF in the late 1980s    visited then military ruler, General Ibrahim Badamosi Babangida in Dodan Barracks. In 1983, the dollar had exchanged for about 72 Kobo, but the World Bank had in 1986 insisted the Naira was “overvalued” and the military in compliance had devalued it      N9 to the dollar. But the IMF told Babangida the Naira was too strong, so in compliance, Babangida announced an immediate    devaluation of the Naira from N9 to N18. In 2000, it was N85 to the dollar, ten years later, it was N150, another ten years down the line, it was N360. As at Wednesday, December 20, 2023, the Naira was N1,230 to the dollar. Anybody arguing that this conscious and wilful devaluation of the Naira is economics, must be engaged in witchcraft; that is the white and black magic of ruining an economy      and presenting it as junk that can be privatized as scrap.

    Have Nigerians forgotten how we got here? Let me tell the new generation.    It fully began    in  1986 when the Babangida regime imposed the IMF-contraption called Structural Adjustment Programme, SAP. It    was deceptively presented as restructuring    and diversifying    the economy, attracting    Foreign Direct Investment, stimulating    growth, reducing    the cost of governance, allowing    free trade by dismantling the commodity and agriculture boards, and     enhancing the Naira by allowing it   float freely with other currencies. But in practice, SAP destroyed the Nigerian economy; inflation   rose from 5.4 per-cent in July    1986 to 40 per-cent   in 1989! Rather than job creation, the local industries collapsed, social spending was   drastically cut, the cost of production rose drastically and   the Naira was drowned.     To repress protests against this wilful    destruction of the economy, the military regime decreed    that ‘There Is No Alternative’   to SAP.    Those who disagreed like Michael Imoudu, Wahab Goodluck and Gani Fawehinmi , were detained without trial, and many were shot dead in    street protests.

    Today, inflation runs at 28.20 per-cent and      the government continues to dig deeper into Hades. Development will come only after we throw off the shackles of the World Bank, IMF, WTO and other vampire organisations.

  • What FG should do if petrol must sell at N750 per litre – NLC

    What FG should do if petrol must sell at N750 per litre – NLC

    The Nigeria Labour Congress (NLC) has advised the federal government to make minimum wage in the country commensurable with international wages if petrol must sell at N750 per litre.

    TheNewsGuru.com (TNG) reports the NLC gave the advice while condemning the advice given by the World Bank to the Federal Government to increase petrol prices to N750 per litre.

    Recall World Bank Lead Economist for Nigeria, Mr Alex Sienaert, offered the advice recently during a presentation of the Nigeria Development Update, Dec. 2023 edition.

    Sienaert had noted that the federal government may still be paying fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.

    The economist also noted that based on the official foreign exchange rate, fuel should cost N750 per litre.

    However, Mr Joe Ajaero, NLC President, in a statement, titled, ”World Bank’s N750 per litre for premium motor spirit is a threat to Nigerians economy” on Friday in Abuja, said:

    “We vehemently reject the recent advice by the World Bank which has asked the Nigerian government to increase petrol prices to N750 per litre.

    “It is truly a shame that the World Bank has really shown itself to be an enemy of the Nigerian nation.

    “Its continued grandstanding and generation of anti-poor policies and programmes have destabilised many countries of the South, especially nations within the sub-Saharan region,” he said.

    Ajaero noted that the difficulties and suffering created by the last hike in the price of petrol was a product of the advice of the World Bank and its sister institution.

    The NLC President urged the government not to allow foreign entities to dictate economic policies that were detrimental to the welfare of its citizens.

    “It is imperative that our leaders look inwards, tapping into the vast resources and human potential within our nation.

    “This would address challenges and formulate policies that genuinely uplift the standard of living for all Nigerians.

    “We assert that it is not only impractical but truly immoral for the World bank to persistently advocate for policies that endanger the lives and livelihoods of citizens, imperiling our nation,” he said.

    He added it is crucial for the Nigerian government to prioritize the welfare of its people over external pressures.

    He called on the government to resist the temptation to implement policies that cater for the interest of international bodies, even at the expense of the well-being of its citizens.

    “The minimum wage in Nigeria for a privileged few is N30,000 (about US$ 30), while minimum wage in the US is equivalent of N1.5 million.

    “If you advocate for international prices then, it becomes commonsensical that you must advocate for international wages.

    “Our local reality is that we cannot think of increasing the pump price of petrol any further as it is a product whose price is pivotal in determining the price of other items in the country,” he said.

  • N750 per litre petrol: NLC sends warning to FG

    N750 per litre petrol: NLC sends warning to FG

    The Nigeria Labour Congress (NLC) on Thursday warned the Federal Government against heeding the advice of the World Bank to increase the pump price of petrol to N750/litre.

    The NLC’s Head of Information, Benson Upah, said any further increase in the price of petrol would lead to anarchy in the country.

    He, therefore called on the government to reject the proposal of the World Bank that petrol should sell at about N750/litre, as against the current rate of between N620 and N650/litre in most locations across the country.

    “The World Bank is globalist north in thoughts and actions and has little or no consideration for the global south. It is a predatory institution that the global north uses to justify its crimes against the south.

    “It is almost single-handedly responsible for the ruination of the economies of countries of the global south for which it prescribes one solution for all ailments.

    “It does not care what happens to Nigeria or Nigerians so it could from its perch in Washington say whatever it likes or push around our leaders like house-helps.

    “The truth, however, remains that the present regime of the pump price of PMS has all but destroyed the country. To now ask the government to raise it to N750/litre is to invite anarchy upon the land.

    “The World Bank is so hypocritical it fails to see the nexus between price and capacity. The minimum wage in Nigeria for a privileged few is N30,000. The same minimum wage in the United States where the law is enforced is N1.5m.

    “In light of this, if the government knows what is good for it, it should ignore the World Bank but must remain committed to fighting inherent corruption in the downstream sector of the petroleum industry. It must also cut down the high cost of governance.”

  • Why petrol should sell above N750 per litre in Nigeria – World Bank

    Why petrol should sell above N750 per litre in Nigeria – World Bank

    World Bank has suggested that a litre of Premium Motor Spirit (PMS), popularly known as petrol, should sell above N750 per litre in Nigeria to be cost-reflective.

    TheNewsGuru.com (TNG) reports World Bank’s Lead Economist, Alex Sienaert made the suggestion on Wednesday at the release of the latest “World Bank Nigeria Development Update” in Abuja.

    According to Sienaert, the N650 per litre cost of petrol does not reflect the actual cost, adding that it was unsustainable. Sienaert stressed a litre of petrol should cost above N650.

    The World Bank report called for transparency in NNPCL’s operations, urging the corporation to publicly disclose its financial statements and revenue flows.

    It emphasized the necessity for comprehensive information dissemination regarding pump prices and fiscal savings stemming from subsidy reforms.

    “The removal of the subsidy was announced on May 29 and pump prices were adjusted on June 1. This results in fiscal savings of around N2 trillion or 0.9 per cent of the Gross Domestic Product (GDP).

    “Between 2023 and 2025, the expected gains are over N11 trillion, against a scenario in which the subsidy had continued. Regularly publish information that explains prices at the pump.

    “Publish detailed financial statements and revenue flows of NPPCL to safeguard the fiscal savings from the subsidy reform and ensure that oil revenues flow to the Federation Account,” the report reads in part.

    Meanwhile, Shubham Chaudhuri, World Bank Country Director for Nigeria highlighted the substantial monthly expenditure on fuel subsidies and stressed the urgency of petrol subsidy and FX management reforms as crucial steps toward improving Nigeria’s economic outlook.

    Chaudhuri urged coordinated fiscal and monetary policy actions in the short to medium term to solidify the nation’s economic trajectory.

    He said that between N300 billion  and N400 billion was expended on fuel subsidy monthly, before the subsidy removal and that the expectation was that the NNPCL should have been paying such amount to the Federation Account, but which has not been the case.

    “The petrol subsidy and FX management reforms are critical steps in the right direction towards improving Nigeria’s economic outlook. Now is the time to truly turn the corner by ensuring coordinated fiscal and monetary policy actions in the short to medium term,” he said.

    Reacting to the N750/litre pump price proposal by the World Bank, Dr. Wahab Balogun of Ambosit Capital Managers, told The Nation: “The World Bank’s observation that the current fuel price in Nigeria is not reflective of the actual cost suggests that the government might be subsidizing fuel to some extent.

    “They estimate that Nigerians should be paying around N750 per litre, which is higher than the current N650 per litre.

    “There are a few factors to consider when analyzing this situation. Firstly, the actual cost of petrol is influenced by various factors such as crude oil prices, refining costs, transportation expenses, taxes, and distribution margins. These factors can fluctuate over time, affecting the final price paid by consumers.

    “Secondly, government subsidies are often implemented to cushion the impact of rising fuel prices on the general population, particularly those in lower-income brackets.

    “The removal of subsidies may lead to higher prices initially, but it also aims to encourage market efficiency and reduce fiscal strain on the government in the long run.

    However, it is important to assess the impact of petrol subsidy removal on the overall economy and the welfare of the Nigerian people. While subsidy removal might have positive effects in the long term, it can also place a heavier burden on citizens already struggling with various economic challenges, including inflation and unemployment.

    ”I would look at the broader picture and consider the effectiveness of subsidy removal in achieving the desired goals of economic efficiency and fiscal sustainability.”

  • N87trn debt: ‘Suspend loans to Nigeria’s 36 states over misspending’, SERAP tells World Bank

    N87trn debt: ‘Suspend loans to Nigeria’s 36 states over misspending’, SERAP tells World Bank

    Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr Ajay Banga “to promptly, transparently and effectively conduct investigation into spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of the states.”

    SERAP also urged the Bank to “suspend further applications for loans and any other funding to the 36 states until these states are able to satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners.”

    Many of the country’s 36 states are allegedly mismanaging public funds which may include loans obtained from the Bank and its partners, and allocations from the Federal Government, which may also include loans obtained from the Bank.

    In the letter dated 25 November 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “The World Bank and its partners cannot continue to give loans and other funding to these states where there are credible allegations of mismanagement or diversion of public funds.”

    SERAP said, “We are concerned that there is a significant risk of mismanagement or diversion of funds linked to the Bank’s investments in many of the country’s 36 states. It is neither appropriate nor responsible lending to give loans to these states only for the loans to be misspent.”

    The letter, read in part: “The World Bank’s lending, and support for these states may create the impression of complicity in the allegations of mismanagement or diversion of public funds by the states which may include loans from the Bank and its partners, and federal allocations.”

    “We would consider the option of pursuing legal action should the World Bank fail or fail to implement the recommendations contained in this letter, and we may join the country’s 36 states in any such suit.”

    “According to Nigeria’s Debt Management Office, total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion. The Federal Government’s total public debt portfolio is N78.2 trillion.”

    “SERAP also urges you to demand expressed commitment from Nigeria’s 36 governors to address credible allegations of mismanagement or diversion of public funds in their states and provide guarantees that loans and funding from the Bank and its partners would not be used to fund the luxurious lifestyles of politicians.”

    “SERAP urges the Bank to send independent monitors to the 36 states to monitor the spending of the loans and other funding obtained from the Bank and its partners to remove the risks of mismanagement or diversion of public funds by these states.”

    “The World Bank currently has a portfolio of about $8.5 billion spread across the country. The Bank has also approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states carry out reforms to attract investment and create jobs.”

    “The accounts of Nigeria’s 36 states are generally not open to public scrutiny as many of them continue to refuse freedom of information requests seeking transparency and accountability in the spending of public funds.”

    “The World Bank and its partners need to make clear to Nigeria’s state governors that it would not tolerate any mismanagement or diversion of public funds by immediately suspending any pending loans and other funding to them until the allegations of mismanagement or diversion of public funds are investigated.”

    “The Bank has a legal responsibility to ensure that suspected perpetrators are brought to justice, and that any mismanaged or diverted public funds are returned to the treasuries of the states.”

    “The World Bank has the legal obligations to observe and promote compliance with the Nigerian Constitution 1999 [as amended] and domestic laws including the Fiscal Responsibility Act of 2007.”

    “Nigeria’s total public debt stock, including external and domestic debts, increased to N46.25 trillion or $103.11 billion in the fourth quarter of 2022.”

    “Many states reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in these states continue to be denied access to basic public goods and services such as quality education and healthcare.”

    “Several state governors are also reportedly spending public funds which may include funding obtained from the Bank and its partners and allocations from the Federal Government to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.”

    “The country’s 36 states have reportedly spent N1.71tn on recurrent expenditures, including allowances, foreign trips, office stationery, and aircraft maintenance in the first nine months of 2023.”

    “In Abia State, the government reportedly spent N397,520,734.84 on ‘feeding and welfare’ and N223,389,889.84 on ‘refreshments and meals.’”

    “The Akwa Ibom State government has reportedly spent N92.54bn on allowances and social contributions, social benefits, travel and transport, utilities such as electricity chargers, Internet access charges, and on materials and supplies such as office stationery, drugs, laboratory and medical supplies, maintenance, training in the first two quarters alone.”

    “The government has also reportedly spent N10m on hosting/mobilisation of political associations and interest groups, and N841.83m on entertainment at meetings.”

    “The Adamawa State government has reportedly spent N40.90bn on non-salary expenditure as of the end of quarter three, 2023 including on furniture allowance, travel and training, domestic and foreign, office stationery and consumables, and refreshments and meals.”

    “The Anambra State government also reportedly spent N15.17bn frivolous items, as of the end of quarter two, 2023. While Bauchi State government reportedly spent N70.25bn on frivolous items, Bayelsa State government spent N58.26 on travel, welfare packages, burial logistics, meeting expenses, ‘praise night/thanksgiving expenses’, and ‘marriage ceremony support’.”

    “In Lagos State, N440,750,000 was reportedly awarded to the Office of the Chief of Staff for the “procurement of a brand new bullet-proof Lexus LX 600 for use in the pool of the Office of Chief of Staff.” Some N2bn was also reportedly budgeted to buy rechargeable fans, rechargeable lights and fridge in the Office of the Deputy Governor.”

    “The Benue State government reportedly spent N34.44bn on ‘special day celebrations’ ‘welfare packages’, ‘security votes’, and materials and supplies such as office stationery, and books.”

    “According to reports, Borno, Cross Rivers, Delta, Ebonyi states also respectively spent N32.63bn, N43.71bn, N152.15bn, N30.91bn, and N41.11bn on frivolous items and the public funds may have been mismanaged or diverted.”

    “Ekiti State reportedly spent N31.33bn on local and international travel and transport, miscellaneous such welfare packages, refreshments, honorarium and sitting allowances. According to reports, both Enugu and Gombe states respectively spent N33.36bn and N24.73bn on frivolous items and the public funds may have been mismanaged or diverted.”

    “Imo State government reportedly spent N58.21bn on refreshments and meals, welfare packages, and other allowances. Jigawa State reportedly spent N49.64bn on transport and travelling, materials and supplies including drugs, vaccines, medical supplies, and stationeries.”

    “According to reports, Kaduna, Kano, Katsina, Kebbi, Kwara and Kogi states also respectively spent N27.87bn, N17.79bn, N40.49bn, N24.51bn, N41.19bn, and N58.02bn on frivolous items and the public funds may have been mismanaged or diverted.”

    “Section 41 of the Fiscal Responsibility Act provides: ‘Government at all tiers shall only borrow for capital expenditure and human development.’”

    “Section 44 of the Fiscal Responsibility Act provides: ‘Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.’”

    “Under Section 45, ‘All banks and financial institutions shall request and obtain proof of compliance with the provisions of this Part before lending to any Government in the Federation. 2) Lending by banks and financial institutions in contravention of this Part shall be unlawful.’”

    “The World Bank and its partners have obligations under international anticorruption and human rights law, including a responsibility to promote transparency and accountability in the management of public funds, prevent mismanagement or diversion of public funds, and redress any abuse of public trust that they may have contributed to.”

    “As a UN specialized agency, the World Bank also has an obligation to promote transparency and accountability in the management of public resources and effective implementation of the UN Convention against Corruption to which Nigeria is a state party.”

    “The World Bank’s board of executive directors also has an obligation to ensure that the policies and decisions of the Bank are consistent with their own statutes and governments’ transparency and accountability obligations.”

  • Ex-CBN Deputy Gov warns FG against more World Bank loans

    Ex-CBN Deputy Gov warns FG against more World Bank loans

    A former Deputy Governor of the Central Bank of Nigeria, (CBN) Kingsley  has kicked against the federal government’s plan to borrow $1.5 billion from the World Bank.

    Mr Wale Edun the Minister of Finance and Coordinating Minister of the Economy, while speaking with journalists at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the loan.

    Edun, who promised that there would be a coordination of monetary and fiscal policies, pledged that President Bola Tinubu’s administration will not breach Ways and Means limits.

    “On the talks with the World Bank on $1.5 billion budget support, that is correct.

    “The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programmes, and sectors.

    “It has free money through either International Development Association (IDA).

    “It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero,” Edun stated.

    Reacting, Moghalu on his X official page said Nigeria is becoming a carcass, “and our political class its scavengers.”

    “There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country.

    “Nigeria is becoming a carcass, and our political class its scavengers,” he wrote.

  • FG seeks fresh $1.5bn from World Bank for budget support

    FG seeks fresh $1.5bn from World Bank for budget support

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has disclosed the federal government is in discussion with the World Bank for a 1.5 billion dollars budget support.

    TheNewsGuru.com (TNG) reports Mr Edun made the disclosure on Saturday in Marrakech, at the ongoing World Bank/International Monetary Fund (IMF) Annual Meetings.

    “The World Bank is the number one development bank that helps developing countries to fund their projects and programmes. We are happy that the funding will come in soon. World Bank money is the cheapest,” Edun said.

    Speaking further, the Minister said that the government was concerned about financing.

    He stressed that President Bola Tinubu will not go above statutory limits in obtaining budget support facilities from the Central Bank of Nigeria (CBN) through the Ways and Means Advances.

    Recall stakeholders and financial experts had criticised former President Muhammadu Buhari for worsening the country’s debt burden by obtaining more than N22.7 trillion in Ways and Means Advances from the apex bank.

    Edun said that Tinubu was committed to “keeping with the spirit and the letter” of autonomy of the CBN.

    “About one trillion dollars is needed to meet the target of climate change globally. This is a climate financing fund which is relatively cheap.

    “There is also a commitment to help Africa and the third world with climate transition because they are not responsible for climate change in any substantial way.

    “One of the ways to help them is through climate financing and we will be looking at green bond and more climate financing options,” he said.

  • World Bank says no new funding to Uganda over anti-gay law

    World Bank says no new funding to Uganda over anti-gay law

    World Bank said it will not consider new loans to Uganda after the East African country earlier this year enacted an anti-gay bill that rights groups and others have condemned.

    The World Bank had deployed a team to Uganda after the law was enacted in May and determined that additional measures were necessary to ensure projects align with the bank’s environmental and social standards.

    “No new public financing to Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested,” the World Bank Group said in a statement on Tuesday.

    “Our goal is to protect sexual and gender minorities from discrimination and exclusion in the projects we finance. These measures are currently under discussion with the authorities,” it added.

    The anti-gay legislation, which prescribes the death penalty for some homosexual acts, was signed into law in May. It has widespread support at home, and Ugandan officials have been defiant amid concern that partners such as the World Bank and others might withdraw resources over the legislation. Some officials have suggested that the funding threats are inappropriate.

    It was not immediately possible to get a comment from Ugandan finance authorities, who for months have been trying to secure new funding from the country’s top multilateral lender.

    The World Bank statement noted that despite the latest decision it remains “committed to helping all Ugandans – without exception – escape poverty, access vital services, and improve their lives.”

    The U.N. Human Rights Office has said the Ugandan law is “draconian and discriminatory,” describing it as “a recipe for systematic violations of the rights” of LGBTQ+ people and others. The U.S. has warned of economic consequences.

    Activists and some academics have challenged the law in court, but it remains unclear when hearings will begin.

    Homosexuality is criminalised in more than 30 of Africa´s 54 countries.

  • World Bank President, Ajay Banga to visit Nigeria on Thursday

    World Bank President, Ajay Banga to visit Nigeria on Thursday

    World Bank President, Ajay Banga has been scheduled to visit Nigeria on Thursday during which he will meet with President Bola Tinubu and Vice-President Kashim Shettima.

    This was made known via a statement from the international lender on Tuesday.

    The visit is referred to as the next step of a global tour that is at the centre of a mission to write a new playbook for the 78-year-old institution.

    “Banga will focus his time in Nigeria on identifying opportunities to create jobs for young people and women, addressing energy needs and renewable energy, and further exploring the potential for digitisation,” the World Bank said.

    As part of these efforts, he is scheduled to visit a World Bank-financed mini-grid power plant that provides solar energy to an entire community, and a woman-owned business that has generated more than 1,500 service-sector jobs for young Nigerians.

    In addition, the World Bank will convene discussions with representatives from the private sector and civil society.

    Banga is expected to arrive Abuja on Thursday after he would have spent two days in Addis Ababa the capital of Ethiopia.